Equity indices end flat on tepid global cues, profit taking

Equity indices end flat on tepid global cues, profit taking
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Mumbai: The key Indian equity indices closed on a flat note on Friday following a similar trend on benchmark Asian exchanges, reignited concerns over global trade protectionist measures and a bout of profit booking.

However, buying support for banking, consumer durables and oil and gas stocks aided the key indices to pare their losses.

The wider Nifty50 of the National Stock Exchange (NSE) settled the day’s trade at 10,331.60 points, up by just 6.45 points or 0.06 per cent.

The barometer 30-scrip Sensex of the BSE, which opened at 33,608.59 points, closed at 33,626.97 points — up only 30.17 points or 0.09 per cent from its previous session’s close.

The Sensex touched a high of 33,697.51 points and a low of 33,501.37 points during the intra-day trade.

“Market was range bound as investors are still nervous about global trade tensions while better domestic triggers is providing support,” said Vinod Nair, Head of Research, Geojit Financial Services.

He further said that focus has shifted to earnings growth which is at an early stage of revival, “any scope of upgrade will subside volatility due to global headwinds”.

According to Deepak Jasani, Head, Retail Research, HDFC Securities: “Markets ended with marginal gains on Friday after consolidating in a range for a major part of the trading session.”

Jasani told IANS that broad market indices like the BSE mid-cap and small-cap indices gained more, thereby outperforming the main indices.

The BSE market breadth was, however, bullish with 1,615 advances and 1,064 declines.

On the currency front, the Indian rupee ended flat at 64.97 against the US dollar.

In terms of investments, provisional data with the exchanges showed that foreign institutional investors sold scrips worth Rs 524.85 crore, while the domestic institutional investors purchased stocks worth Rs 1,305.45 crore.

Sector-wise, S&P BSE banking index, gained the most, with 162.07 points, followed by, consumer durables index, up 136.23 point and oil and gas index, up 122.60 points.

Top losers among the BSE sectors were: S&P BSE information technology index, down 62.30 points, S&P BSE Teck (technology, media and entertainment), down 46.52 points and capital goods index, down 97.43 points.

Major Sensex gainers on Friday were: ICICI Bank, up 0.97 per cent at Rs 280.60; Tata Steel, up 0.92 per cent at Rs 586.35; Sun Pharma, up 0.91 per cent at Rs 512.40; Maruti, up 0.88 per cent at Rs 9,207.85; and Adani Ports, up 0.81 per cent at Rs 378.30.

Top losers on Sensex were: Bharti Airtel, down 2.17 per cent at Rs 385.40, Indosys, down 1.31 per cent at Rs 1,129.30, Larsen and Toubro, down 1.31 per cent at Rs 1,311.10, Baja Auto, down 0.98 per cent at Rs 2,783.05 and Axis Bank, down 0.49 per cent at Rs 500.70 per share.

IANS