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Markets pare early losses, end flat ahead of IIP data
Equities on the domestic bourses moved in a restricted range in absence of any major trigger. After the RBI policy review meeting, now, investors turned to key macro data, which is scheduled to be released on Friday. The December IIP data may set the tone for the market, opine analysts.Â
Mumbai: Equities on the domestic bourses moved in a restricted range in absence of any major trigger. After the RBI policy review meeting, now, investors turned to key macro data, which is scheduled to be released on Friday. The December IIP data may set the tone for the market, opine analysts.
Opened at 28,451.29 points, BSE Sensex slipped to 28,155.47 points, day's low at 11:30am on heavy selling in banking and metal stocks. The market benchmark later recovered to end the session at 28,329.70 points, a net gain of 39.78 points or 0.14 percent. Broader Nifty too recorded marginal gain of 9.35 points or 0.11 percent and closed at 8,778.40 points. Among the 30-scrip Sensex pack, 14 scrips ended higher, 15 moved down and one stayed unchanged.
A firm trend in Asia and a better opening in Europe swayed sentiment here. Sentiment also got a boost after the rupee continued its upward journey to trade at three-month high of 66.95 against the American unit (intra-day) at the forex market. Despite positive global cues and a strong rupee, equities traded on a flat note.
Shares of Hero MotoCorp, Lupin rose on encouraging results. IT, technology, consumer durables, relaty and FMCG indices closed in green. Analysts feel that recovery in automobile sales after the demonetisation may add positive tone to IIP data. Latest SIAM’s auto numbers revealed that passenger vehicle sales rose 14 percent. Foreign portfolio investors (FPIs) sold shares worth a net Rs 127.69 crore on Wednesday, according to data from BSE.
Other Asian markets ended mixed as Hong Kong's Hang Seng rose 0.17 per cent and Shanghai Composite Index gained 0.51 per cent. Japan's Nikkei fell 0.53 per cent. European shares rose at the start of trading as Frankfurt's DAX 30 gained 0.30 per cent, Paris CAC 40 added 0.60 per cent and London's FTSE rose 0.20 per cent in their early deals.
The overall market breadth turned negative as 1,490 shares closed lower, 1,406 higher, while 149 ruled steady. BSE recorded total turnover of Rs 3,355.34 crore down from Rs 6,125.92 crore on Wednesday.
