Live
- They always want me to win, and now I feel lucky to have been offered a story like ‘Zebra’: Satyadev Kancharana
- ‘Democracy first, humanity first’: PM Modi in Guyana's parliament on two countries' similarities
- PKL Season 11: Telugu Titans register third straight win to top standings
- Is Pollution Contributing to Your COPD?
- NASA Unveils Underwater Robots for Exploring Jupiter's Moons
- Additional Central forces arrive in violence-hit Manipur
- AR Rahman and Saira Banu’s Divorce: Legal Insights into Common Issues in Bollywood Marriages
- 82.7 pc work completed in HPCL Rajasthan Refinery area: official
- Curfew relaxation extended in 5 Manipur districts on Friday
- Tab scam prompts Bengal govt to adopt caution over fund disbursement
Just In
Flat trading as investors chary of next direction; FII inflows, driven by the US Fed’s Dovish outlook, and expectations of Repo rate cut in Oct may maintain momentum
Mumbai: Benchmark Sensex scaled the 85,000 level and Nifty breached the 26,000 mark for the first time before paring gains to close flat in a volatile session on Tuesday, dragged by losses in FMCG and select banking shares.
Snapping its three-day record-breaking run, the 30-share BSE benchmark declined by 14.57 points or 0.02 per cent to settle at 84,914.04 points. In the morning trade, the 30-share BSE Sensex scaled the 85,000 level, jumping 234.62 points or 0.27 per cent to scale a new all-time intra-day peak of 85,163.23. The Nifty eked out gains of 1.35 points or 0.01 per cent to close at a fresh high of 25,940.40. During the day, it climbed 72.5 points or 0.27 per cent to hit a new record intra-day high of 26,011.55. Investors are struggling to find clear directions following a record rally, traders said.
Vinod Nair, head (research), Geojit Financial Services, said: “Domestic benchmarks are attempting to sustain new highs, driven by the US Fed’s aggressive rate cut. Meanwhile, the Chinese central bank’s rate cut, and additional stimulus measures have positively influenced global investor sentiment, resulting in gains for domestic metal stocks.”
China announcing stimulus measures to bolster its economy fuelled metal shares. The index, however, hit a low of 84,716.07 in the afternoon session due to profit-taking at record levels.
“Although markets ended on a lacklustre note after a volatile session, key benchmark indices hit new milestones signifying that liquidity flows has remained strong as investors are confident of India's long term growth story,” said Prashanth Tapse, senior V-P (research), Mehta Equities Ltd.
The BSE midcap gauge climbed 0.21 per cent, while smallcap index dipped 0.04 per cent.
“Nifty ended on a flat note in a volatile session on Tuesday after crossing 26,000 for the first time. Asian stocks rose on Tuesday to their highest in more than two and half years, heartened by broad stimulus measures from China while expectations for more US rate cuts kept risk sentiment up,” said Deepak Jasani, head (retail research), HDFC Securities.
Among the indices, FMCG declined 0.75 per cent, telecommunication (0.57 per cent), services (0.45 per cent), financial services (0.40 per cent), consumer durables (0.31 per cent) and bankex (0.30 per cent). Metal surged 2.78 per cent, power jumped 1.38 per cent, utilities (1.18 per cent), commodities (0.95 per cent) and industrials (0.47 per cent).
Selling in Hindustan Unilever, Kotak Mahindra Bank and ICICI Bank dragged the key index from the day's highs.
Conversely, FMCG and banking stocks exhibited declines due to profit-booking at higher levels, From the 30 Sensex firms, Hindustan Unilever, UltraTech Cement, Kotak Mahindra Bank, IndusInd Bank, Titan, Nestle, Bajaj Finance and Asian Paints were among the biggest laggards. Tata Steel, Power Grid, Tech Mahindra, HCL Tech, Mahindra & Mahindra and JSW Steel were among the gainers.
In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong settled in the positive territory. Shanghai and Hong Kong markets ended significantly higher. European markets were trading in the green. The US markets ended higher on Monday. Foreign Institutional Investors (FIIs) bought equities worth Rs404.42 crore on Monday, according to exchange data.
© 2024 Hyderabad Media House Limited/The Hans India. All rights reserved. Powered by hocalwire.com