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Stocks lose tempo, but stay positive for 3rd day

Stocks consolidated their gains today after US Fed minutes signalled uncertainties over near- term rate hikes.

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Stocks consolidated their gains

today after US Fed minutes signalled uncertainties over near-

term rate hikes.

RBI's own concern over inflation in its minutes dragged

banking stocks down. Auto and healthcare shares too registered

losses.

"Investors showed confidence despite some volatility

after the US Fed's minutes stating uncertainties over near

term rate hikes due to benign inflation. The opportunity from

recent correction and the announcement of share buyback from

IT major supported sentiment," said Vinod Nair, Head of

Research, Geojit Financial Services.

The benchmark Sensex, which stayed up for most part of

the day, hit a high of 31,937.51 on the back of rally in the

Infosys stock following the company's buyback proposal and

unabated buying by domestic institutional investors.

However, it succumbed to profit-booking before closing up

by 24.57 points, or 0.08 per cent, at 31,795.46. The gauge had

gained 557.30 points in the previous two sessions.

The NSE Nifty, after recapturing 9,900, advanced to hit a

high of 9,947.80, but ended at 9,904.15, up 6.85 points, or

0.07 per cent.

Infosys, the country's second largest IT exporter, zoomed

most by 4.54 per cent, after the company said the board will

take up a proposal for buyback of shares on Saturday, helping

the key indices post gains for the third day in a row.

Mid- and small-cap indices closed mixed.

Traders said volatility crept in due to emergence of

sudden selling in the last half an hour of the session, which

took away much of the day's gains.

Global leads were not too supportive as Asian shares

remained indecisive and European stocks opened lower despite

easing tensions involving North Korea.

Coal India was the second-biggest mover (4.22 per cent).

NTPC and Bharti Airtel advanced too.

While IT, technology, PSU indices all firmed up, selling

pressure pushed down rate-sensitive stocks such as auto and

banking.

 

(This article has not been edited by DNA's editorial team and is auto-generated from an agency feed.)

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