The South Asian Times

21 November 2017 00:56 AM

Equities close flat; healthcare, banks stocks trim losses

By IANS

Mumbai, Sep 14: Key Indian equity indices -- the BSE Sensex and NSE Nifty50 -- closed on a flat note on Thursday, with healthy buying in healthcare and banking stocks.

The wider 51-scrip Nifty50 of the National Stock Exchange (NSE) was up 7.30 points, or 0.07 per cent, to close at 10,086.60 points.

The 30-scrip Sensitive Index (Sensex) of the BSE closed at 32,241.93 points -- up 55.52 points, or 0.17 per cent, from its previous close.

However, the BSE market breadth was bearish -- 1,326 declines and 1,291 advances.

"Markets closed with marginal gains on Thursday after a volatile session. The Sensex rose for the sixth straight session," Deepak Jasani, Head - Retail Research, HDFC Securities, told IANS.

"Major Asian markets ended on a mixed note. European indices like FTSE 100 and CAC 40 traded higher," he added.

In terms of broader market indices, the S&P BSE mid-cap index rose by 0.57 per cent and the small-cap index by 0.64 per cent.

Vinod Nair, Head of Research, Geojit Financial Services, said: "The market is facing resistance at around the all time high as investors are awaiting favourable global cues to move forward. US CPI data will be released today which is a key trigger to get cues on Fed rate hike trajectory.

"At home, WPI inflation surged to 3.24 per cent in August, a gradual pick up in manufacturing inflation bode well for the sector," said Nair.

On the currency front, the Indian rupee weakened by 12 paise to 64.12 against the US dollar from its previous close at 64.

"Indian shares nudged up on Thursday as gains in banks and pharma stocks offset losses in energy and IT counters, with software services exporter Wipro dragging the broader NSE index lower," said Dhruv Desai, Director and Chief Operating Officer of Tradebulls.

"Private lender Axis Bank rose over 4 per cent to Rs 520, and was the top percentage gainer on the Sensex and Nifty, after brokerage firm Deutsche Bank upgraded the stock to 'buy' and raised its target price to Rs 600. Bharat Heavy Electricals jumped 8 per cent on reports that the company will make rolling stock for bullet trains for which the foundation stone was laid on Thursday," Desai told IANS.

Sector-wise, the S&P BSE healthcare index surged by 285.08 points, banking index by 125.78 points and automobile index by 74.35 points.

On the other hand, the S&P BSE metal index was down 94.58 points, oil and gas index by 47.51 points and energy index by 15.34 points.

Major Sensex gainers on Thursday were: Sun Pharma, up 4.24 per cent at Rs 524.25; Axis Bank, up 4.20 per cent at Rs 519.75; Tata Motors (DVR), up 3.97 per cent at Rs 229.40; Tata Motors, up 3.62 per cent at Rs 403.90; and Adani Ports, up 3.44 per cent at Rs 403.30.

Major Sensex losers were: Wipro, down 4.10 per cent at Rs 283.90; Kotak Bank, down 1.17 per cent at Rs 1,007.70; ONGC, down 1.12 per cent at Rs 159.40; Mahindra and Mahindra, down 1.06 per cent at Rs 1,290.55; and Bharti Airtel, down 0.70 per cent at Rs 398.20.

Update: 14 Sep, 2017

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