Flat closing for key Indian equity indices amid volatile trading
Mumbai, July 7 (IANS) Key Indian equity market indices closed marginally higher on Thursday after a session of volatile trading as investors resorted to profit-booking on previous rises. The positive signals from other Asian peers were largely ignored.
The indices had risen for six consecutive trading days before falling on Tuesday. The markets were closed on Wednesday for Eid-ul-Fitr.
The barometer 30-scrip sensitive index (Sensex) of the BSE, which opened at 27,209.97 points, closed at 27,201.49 points – up 34.62 points or 0.13 per cent from the previous close at 27,166.87 points.
The wider 51-scrip Nifty of the National Stock Exchange (NSE) rose by 1.95 points or 0.02 per cent, at 8,337.90 points.
The Sensex touched a high of 27,288.22 points and a low of 27,146.95 points during the intra-day trade.
“The market is consolidating while awaiting the next triggers from the start of earnings season next week and the monsoon session of parliament to take cues on the sustainability of the recent rally,” said Vinod Nair, Head of Research, Geojit BNP Paribas Financial Services.
“Indeed, 7th Pay Commission recommendations and the initial development of monsoon have been gradually discounted by the market.”
The BSE market breadth was tilted in favour of the bulls — with 1,546 advances and 1,207 declines.
Both the key Indian indices had ended on a lower note during the previous trade session on Tuesday after six consecutive sessions of gain.
The barometer index had edged down 111.89 points or 0.41 per cent to 27,166.87 points, while the NSE Nifty lost 34.75 points or 0.42 per cent to 8,335.95 points on Tuesday.
Technology stocks, including those in media and entertainment space, came under selling pressure with their sectoral indices losing over 1.5 per cent, even as the indices for fast-moving consumer goods, healthcare and banking sectors closed with gains.
Lupin was the top gainer among the Sensex stocks, with a rise of 6.25 per cent at Rs 1,657.30, followed by Hindustan Lever (up 3.03 per cent at Rs 917.35), Dr. Reddy (up 2.25 per cent at Rs 3,525.15) and HDFC up 2.51 per cent at Rs 1,290.95.
Tata Steel ,was the top loser, down 4.92 per cent at Rs 317.65, followed by Tata Consultancy, down 2.16 per cent at Rs 2,429.05, Coal India, down 1.96 per cent at Rs 315.45 and Adani Ports, down 1.84 per cent at Rs 210.40.
“It was a volatile day on the bourses today as key benchmark indices oscillated between the positive and the negative zones, to finally end the day near the flat line,” said Shreyash Devalkar, Fund Manager for Equities, BNP Paribas Mutual Fund.
“Domestic markets remained indecisive despite a rally in Europe and Wall Street, which was precipitated by some better US data and a bounce in oil prices,” he added.