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Hopes of easing trade tensions lift equity indices

Sentinel Digital DeskBy : Sentinel Digital Desk

  |  11 April 2018 12:00 AM GMT

Mumbai, April 10: Hopes over easing of recent global trade protectionist measures aided the key Indian equity indices to close on a flat-to-positive note on Tuesday.

The domestic equity indices mimicked their intertiol counterparts, as signs indicating normalisation of trade relations between the US and Chi lifted other bourses in Asia, while European exchanges like FTSE 100, DAX and CAC 40 traded in the green.

However, a bout of profit booking and heavy selling pressure in auto, healthcare stocks capped gains. Index-wise, the wider Nifty50 of the tiol Stock Exchange (NSE) ended the day’s trade at 10,402.25 points, up 22.90 points or 0.22 per cent from the previous close. The barometer 30-scrip Sensex of the BSE, which opened at 33,880.11 points, closed at 33,880.25 points — up 91.71 points or 0.27 per cent from its previous session’s close. The Sensex touched a high of 33,949.98 points and a low of 33,813.30 during the intra-day trade. The BSE market breadth was, however, bearish with 1,316 declines and 1,160 advances. Similarly, the market breadth was negative on the NSE.

“Markets... continued to close with gains for the fourth day. Sentiment was boosted after Chinese President Xi Jinping’s speech eased trade war tensions between the US and Chi,” said Dhruv Desai, Director and Chief Operating Officer of Tradebulls.

According to Vinod ir, Head of Research, Geojit Fincial Services: “Metal and realty outperformed due to ease in global trade tensions while the surge in oil prices and bond yields refrained heavy weights to participate.”

“On the macro front, the domestic market is reversing from the support level in expectation of pick up in Q4 earnings and further moderation in (March) CPI inflation to 4.2 per cent against 4.44 per cent in the previous month,” ir said.

On the currency front, the rupee strengthened by two paise to end at 64.99 against the US dollar.

In terms of investments, provisiol data with the exchanges showed that foreign institutiol investors sold scrips worth Rs 684.99 crore, while the domestic institutiol investors purchased stocks worth Rs 653.65 crore.

Sector-wise, S&P BSE metal index, gained the most, with 272.68 points followed by the banking index, up 261.90 points and capital goods index, up 204.60 points.

Top losers among the BSE sectors were: S&P BSE auto index, down 164.45 points, consumer discretiory goods and services index down 14.88 points and healthcare index, down 7.30 points.

Major Sensex gainers on Tuesday were: Axis Bank, up 5.43 per cent at Rs 546.00; ICICI Bank, up 3.01 per cent at Rs 288.90; Adani Ports, up 2.75 per cent at Rs 386.45; Tata Steel, up 2.58 per cent at Rs 601.70; and Coal India, up 2.20 per cent at Rs 280.50 per share. Top losers on the Sensex were: Hero MotoCorp, down 1.78 per cent at Rs 3,720.80; Tata Motors (DVR), down 1.51 per cent at Rs 199.00; Tata Motors, down 1.37 per cent at Rs 353.40; HDFC Bank, down 1.00 at Rs 1,919.10 per share and Mahindra and Mahindra, down 0.85 per cent at Rs 779.30. (IANS)

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