Thursday, 24 May, 2018

Sensex loses 100 points to close shade above 34500

Markets open flat bank stocks major losers Indian shares rise; TCS market cap crosses $100 bln
Heather Davidson | 25 April, 2018, 15:17

On Monday, the equity indices closed a volatile trade session on a flat-to-positive note as healthy quarterly results drove investors' sentiments. Losses in the market were led by banking and metal stocks with their respective sub-indices on NSE falling between 0.5 to 1 per cent.

The market breadth was narrow as 1391 shares advanced against a decline of 1290 shares, while 165 shares were unchanged.

The 30-share barometer rose 147.25 points (0.42 percent) to 34598.02.

"Markets ended with moderate gains on Tuesday after (the Nifty50) finding support at the 10,569 levels", Deepak Jasani, Head - Retail Research, HDFC Securities, told IANS.

Oil prices slipped back from near 3-1/2-year highs as talks between US President Donald Trump and French President Emmanuel Macron eased concerns Washington may reinstate sanctions against Iran. "European indices like FTSE 100 and DAX traded in the green", added Jasani.

The rupee yesterday recovered by 10 paise to 66.38 against the United States dollar due to fresh selling of the American currency by exporters and banks. A rise in U.S. bond yields above the 3 per cent threshold and warnings from bellwether USA companies of higher costs are driving fears that corporate earnings growth may peak soon. "All eyes would now be on whether the government will cut excise duty to provide relief to common man or stick to fiscal prudence", he said.

Foreign institutional investors sold scrip worth Rs 680.99 crore, while the domestic institutional investors purchased stocks worth Rs 508.55 crore, provisional data with the exchanges showed.

Hindalco, Nalco, Vedanta and Jindal Steel were among major losers in the BSE metal index, diving up to 8 percent.

Major gainers were Yes Bank, ICICI Bank, M&M, HUL, Axis Bank, ITC, RIL, Adani Ports, Maruti Suzuki, Dr Reddy's, ONGC, Sun Pharma and Bajaj Auto, rising up to 2 per cent.

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