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Equity markets settle flat in volatile trade
BSE Sensex
Benchmark equity indices Sensex and Nifty ended marginally lower in highly volatile trade on Thursday as losses in healthcare and IT stocks were largely offset by gains in energy and metal shares amid positive global trends.
Mumbai: Benchmark equity indices Sensex and Nifty ended marginally lower in highly volatile trade on Thursday as losses in healthcare and IT stocks were largely offset by gains in energy and metal shares amid positive global trends. The 30-share BSE Sensex dipped 5.43 points or 0.01 per cent to settle at 66,017.81. During the day, it hit a high of 66,235.24 and a low of 65,980.50. The Nifty slipped 9.85 points or 0.05 per cent to 19,802. "It turned out to be a dull session as the benchmark ended unchanged after trading in a narrow band.
After the initial uptick, Nifty slipped lower in no time and remained in a tight range till the end," Ajit Mishra, SVP - Technical Research, Religare Broking Ltd, said Among the Sensex firms, UltraTech Cement, Larsen & Toubro, Bajaj Finance, Tata Consultancy Services, NTPC, Infosys, Titan and Asian Paints were the major laggards. IndusInd Bank, JSW Steel, Bharti Airtel, Wipro, HDFC Bank and Tata Steel were the major gainers. In the broader market, the BSE smallcap gauge climbed 0.44 per cent, and midcap index gained 0.15 per cent. Among the indices, healthcare declined 1.13 per cent, IT fell 0.46 per cent, consumer durables declined 0.44 per cent, teck (0.26 per cent), capital goods (0.26 per cent) and power (0.11 per cent).
Realty climbed 1.22 per cent, oil & gas jumped 1.21 per cent, energy (0.84 per cent), telecommunication (0.82 per cent) and metal (0.53 per cent). In Asian markets, Seoul, Shanghai and Hong Kong settled in the green. European markets were trading with marginal gains. The US markets ended in positive territory on Wednesday. "Range-bound momentum continued on main indexes as the market looked for new triggers for a decisive move beyond the 19,800 level. However, the broad markets' undercurrent is strong and rapid buying has emerged in the mid and small-cap counters as a bargaining strategy arose on recent underperforming stocks.
"The declining oil prices and ease in US bond yields are the key positives for a broader recovery for the market," said Vinod Nair, Head of Research at Geojit Financial Services. Global oil benchmark Brent crude declined 1.50 per cent to USD 80.73 a barrel. Foreign Institutional Investors (FIIs) offloaded equities worth Rs 306.56 crore on Wednesday, according to exchange data. The BSE benchmark climbed 92.47 points or 0.14 per cent to settle at 66,023.24 on Wednesday. The Nifty edged higher by 28.45 points or 0.14 per cent to 19,811.85.
