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Global cues, profit taking subdue equity indices to end flat

Global cues, profit taking subdue equity indices to end flat

Sentinel Digital DeskBy : Sentinel Digital Desk

  |  13 Jun 2018 11:30 PM GMT

Mumbai, June 13: Broadly negative global markets ahead of the US Federal Reserve’s rate setting meet and profit booking led the key domestic equity indices to close on a flat-to-positive note on Wednesday.

According to market analysts, domestic indices rose during the day’s trade on the back of higher April industrial production. However a late hour burst of profit booking eroded most of their gains.

Besides, the day’s trade saw healthy buying in IT, consumer durables and banking counters, whereas heavy selling prevailed in capital goods, metal and FMCG stocks.

The broader Nifty50 of the National Stock Exchange (NSE) closed at 10,856.70 points — inching-up by 13.85 points or 0.13 per cent — from its previous close of 10,842.85 points.

The barometer 30-scrip Sensitive Index (Sensex), which had opened at 35,835.44 points, closed at 35,739.16 points — higher by just 46.64 points or 0.13 per cent — from its previous session’s close of 35,692.52 points.

Sensex touched a high of 35,877.41 points and a low of 35,715.96 points during the intra-day trade. The BSE market breadth was tilted towards the bears with 1,414 declines against 1,272 advances.

“Markets ended with marginal gains on Wednesday after a sell-off seen in the last hour of trade wiped out most of the intraday gains,” said Deepak Jasani, Head, Retail Research, HDFC Securities.

The markets had initially rallied in the first half of the trade session on the back of healthy industrial production data for April and positive European cues, he said. On the currency front, the Indian rupee weakened by 16 paise against the US dollar to 67.65, from its previous close at 67.49 per greenback.

Investment-wise, provisional data with exchanges showed that foreign institutional investors sold scrip worth Rs 70.77 crore while the domestic institutional investors bought stocks worth Rs 486.78 crore.

Sector-wise, the S&P BSE IT index gained 176.36 points, the consumer durables index rose by 117.26 points and the banking index ended 81.08 points higher.

On the other hand, S&P BSE capital goods index was fell by 124.19 points, the metal index was down 52.41 points and the FMCG index ended lower by 48.02 points.

The major gainers on the Sensex were Dr Reddy’s Lab, up 2.82 per cent at Rs 2,252; Tata Consultancy Services, up 2.43 per cent at Rs 1,824.20; State Bank of India, up 1.70 per cent at Rs 287.65; Power Grid, up 1.43 per cent at Rs 198.50; and Infosys, up 1.41 per cent at Rs 1,276.10 per share.

The top losers were Tata Steel, down 2.12 per cent at Rs 567.50; Adani Ports, down 1.48 per cent at Rs 382.15; Hindustan Unilever, down 1.31 per cent at Rs 1,619, Bharti Airtel, down 1.30 per cent at Rs 376.10 and ONGC, down 0.79 per cent at Rs 170 per share. (IANS)

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