Indian equities close flat, banking stocks recede

Paterniano Del Favero
Aprile 20, 2017

On the other hand, the broader 51-scrip Nifty at National Stock Exchange (NSE) opened at 9,163.00 points after closing at 9,139.30 points. The 30-share Sensex closed 17.47 points, or 0.06 per cent, higher at 29,336.

Buoyed by forecast of a normal monsoon and shrugging off weak trend in global markets, the benchmark BSE Sensex rose over 54 points in opening trade today after investors took to select stock-picking. Gainers included GAIL (3.90 per cent), IBull HSGF (2.12 per cent), Grasim (2.05 per cent), Reliance (1.98 per cent) and PowerGrid (1.15 per cent) A total of 864 shares declined, 842 advanced, while 90 ruled steady.

"Markets ended with losses on Tuesday after a positive morning session as a strong intra-day rally was derailed by sell-off in late trade. The mid-cap index was within a per cent of lifetime high".

Among BSE sectoral indices, power index gained the most by 2.05 per cent, followed by infrastructure 1.64 per cent, realty 1.29 per cent and PSU 0.5 per cent.

Anand James, Chief Market Strategist, Geojit Financial Services, said: "Earnings so far have failed to impress, and with elections uncertainties gripping the EU (European Union), currency volatility also has stepped up, restraining Indian stocks".

On the currency front, the Indian rupee weakened by 11-12 paise to 64.63 against a United States dollar from its previous close of 64.51-52 to a greenback.

Foreign investors net sold shares worth Rs 930.67 crore while domestic institutional investors bought shares worth 878.08 crore on Tuesday, provisional data showed.

However, NSE Nifty index closed nearly flat with a negative bias at 9,103. Much of the softness came from metal, IT, FMCG, technology and auto.

The Sensex is trading at 29,656.25 points up by 242.59 points or 0.82 per cent.

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