Global cues subdue equity indices; consumer durables stocks fall

SENSEX NIFTY MARKET

Mumbai, May 8: In a volatile session, the key domestic equity indices ceded their initial gains to end Tuesday’s trade on a flat-to-positive note as weak global cues eroded investors’ risk-taking appetite.

According to market analysts, heavy selling pressure in consumer durables and capital goods stocks trimmed the overall gains made earlier in the day’s trade.

Index-wise, the broader Nifty50 of the National Stock Exchange (NSE) closed at 10,717.80 points — up 2.30 points or 0.02 per cent — from its previous close.

The barometer 30-scrip Sensitive Index (Sensex), which opened at 35,349.85 points, closed at 35,216.32 points — up 8.18 points or 0.02 per cent — from its previous session’s close.

The Sensex touched a high of 35,388.87 points and a low of 35,136.01 during the intra-day trade.

The BSE market breadth was tilted towards the bears with 1,523 declines and 1,161 advances.

In the broader market segment, both S&P BSE mid-cap and small cap closed by 0.10 per cent higher from their previous closing levels.

“Markets ended with marginal gains on Tuesday after a minor sell off in the afternoon session saw the Nifty giving up its morning gains,” said Deepak Jasani, Head, Retail Research, HDFC Securities.

“Major Asian markets have closed on a mixed note. European indices like CAC 40 and DAX traded in the red,” Jasani told IANS.

Vinod Nair, Head of Research, Geojit Financial Services said: “Market turned volatile as investors’ are concerned on the movement of rupee and surge in oil price which could eventually lead to tight monetary policy.”

“Albeit, banks outperformed as sentiment improved on account of early recognition of stressed assets. Continued outflow of foreign money will keep rupee on tenterhook while increasing GST collection and RBIs open market operation may soften the volatility.”

Besides, investors were concerned over a further rise in international crude oil prices as a result of US moving away from the 2015 Iran Nuclear Deal.

On the currency front, the Indian rupee strengthened by 27 paise to 67.08 against the US dollar from its previous close at 67.14 per greenback.

In terms of investments, provisional data with the exchanges showed that foreign institutional investors sold scrips worth Rs 97.15 crore, while the domestic institutional investors purchased stocks worth Rs 923.25 crore.

Sector-wise, the S&P BSE banking index rose by 381.62 points, the oil and gas stocks edged-up by 52.51 points and the finance stocks rose by 26.12 points.

On the other hand, the S&P BSE consumer durables index fell by 183.10 points, the capital goods stocks dropped 165.05 points and the auto stocks ended 108.36 points lower.

The major gainers on the Sensex were ICICI Bank, up 6.86 per cent at Rs 309.25; State Bank of India, up 1.42 per cent at Rs 250; Axis Bank, up 1.18 per cent at Rs 541.25; Power Grid, up 1.14 per cent at Rs 212.15; and Tata Motors (DVR), up 0.74 per cent at Rs 189.60 per share.

The top losers were Mahindra and Mahindra, down 2.26 per cent at Rs 865.60; IndusInd Bank, down 1.78 per cent at Rs 1,851.25; Larsen and Toubro, down 1.70 per cent at Rs 1,364.85; Infosys, down 1.52 per cent at Rs 1,165.35; and Yes Bank, down 1.19 per cent at Rs 343.35 per share.

IANS

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