Business
The markets took to consolidation mode as the benchmark BSE Sensex gave up early gains to end 153 points lower at 31,138.21 today while the broader Nifty cracked below the 9,600-mark on profit booking, particularly in auto and banking sector stocks.
Updated : Jun 23, 2017, 05:38 PM IST
The markets took to consolidation
mode as the benchmark BSE Sensex gave up early gains to end
153 points lower at 31,138.21 today while the broader Nifty
cracked below the 9,600-mark on profit booking, particularly
in auto and banking sector stocks. ahead of GST rollout.
During the week, the Sensex gained 81.81 points, or 0.26
per cent, while the Nifty shed 13.10 points, or 0.13 per cent.
The markets will remain closed on Monday on account of 'Id-
ul-Fitr' (Ramzan Eid).
The 30-share Sensex rose over 75 points in morning trade
and shot up to 31,365.39, but quickly lost momentum to hit the
day's low of 31,110.39. It finally ended 152.53 points lower,
or 0.49 per cent, at 31,138.21.
The Sensex had gained 7.10 points in yesterday's session.
The broader NSE Nifty moved between 9,647.65 and
9,565.30, before ending 55.05 points, or 0.57 per cent down at
9,574.95. This was Nifty's lowest close in a month.
"Market continued to consolidate as investors defer their
participation and waiting for global headwinds to settle like
concerns over volatile oil price. However, markets will
continue to get support at lower levels due to reforms in
banking sector, falling inflation and expectation of rate
cut," Vinod Nair, Head of Research, Geojit Financial
Services said.
Foreign portfolio investors (FPIs) bought shares worth a
net Rs 192.68 crore yesterday, as per provisional data
released by the stock exchanges.
Domestic institutional investors (DIIs) also bought
shares worth a net Rs 455.21 crore.
Major laggards were Tata Motors DVR (2.18 per cent), Tata
Motor (2.14 per cent), Hero MotoCorp (1.95 per cent), SBI
(1.94 per cent), ONGC (1.56 per cent), TCS (1.47 per cent),
M&M (1.44 per cent), Tata Steel (1.39 per cent), Kotak Bank
(1.07 per cent), Maruti Suzuki (1.07 per cent) and HDFC
Bank (1.05).
However, Sun Pharma rose 0.97 per cent, Wipro 0.79 per
cent, ICICI Bank 0.71 per cent, Dr Reddy's 0.71 per cent,
Cipla 0.39 per cent and Infosys 0.32 per cent.
Sector wise, the BSE auto index lost 1.54 per cent, PSU
1.50 per cent, oil&gas 1.13 per cent, consumer durables 1.09
per cent, capital goods 1.04 per cent, realty 0.89 per cent
and bankex 0.74 per cent.
Overseas, Asian markets ended higher, with Japan's Nikkei
rising 0.11 per cent and China's Shanghai Composite Index rose
0.33 per cent. Hong Kong's Hang Seng, however, fell 0.02 per
cent.
Shares of Fortis Healthcare crashed about 13 per cent
after Malaysia's healthcare services provider IHH Healthcare
Berhad yesterday said it is not close to "concluding any
negotiations" to buy controlling stake in Fortis Healthcare.
In broader markets, the BSE Mid-Cap index provisionally
fell 1.21 per cent. The BSE Small-Cap index provisionally fell
1.46 per cent. The decline in both these indices was higher
than the Sensex's decline in percentage terms.
The market breadth remained negative as 1,948 stocks
ended lower, 676 closed higher while 132 ruled steady.
The total turnover on BSE amounted rose to Rs 7,395.04
crs from Rs 4,693.41 crore registered during the previous
trading session.
European shares were down in late morning deals.
Frankfurt, Paris and London stock exchanges were all trading
in the negative terrain.
During the week, the market tried to continue its upswing
supported by GST council relaxation of return filing timeline
for an easy transition to GST. SEBI s relaxed norm for
takeover of stressed business and RBI s less hawkish minutes
were positive for the market. However, mired sentiment from
global market and disruptions ahead of GST rollout
overshadowed these positives which led market to give up gains
to end flat.
(This article has not been edited by DNA's editorial team and is auto-generated from an agency feed.)