Markets end flat in cautious trade

Mumbai : Key indices remained range-bound in choppy trade on Thursday as investors preferred to stay light amid a drumbeat of grim macroeconomic data. Reflecting the wariness in the market, BSE Sensex ended a shade lower at 31,137.59 The 30-share index shed 8.21 points, or 0.03 per cent,

to end at 31,137.59 after shuttling between 31,213.12 and 31,062.02. The broader NSE Nifty too finished 5.15 points, or 0.05 per cent down at 9,616.10 after slipping below the 9,600-mark to touch a low of 9,589.90.

Sentiment was dented following a slew of disappointing macroeconomic data, brokers said. India lost the tag of the fastest growing major economy to China in the March quarter with a GDP growth of 6.1 per cent, which pulled down the 2016-17 expansion to 7.1 per cent. The growth of eight core sectors declined to 2.5 per cent in April, while manufacturing PMI slumped to a three-month low in May.

“Market may consolidate as a slow pace in economic growth at 6.1 per cent in Q4 FY17 and a slip in April eight core sector growth to 2.5 per cent has dampened investor sentiment. At close, the market covered some losses on expectation that RBI is likely to be less hawkish than it was in the previous policy on account of moderation in inflation and slow growth,” said Vinod Nair, Head of Research, Geojit Financial Services.

Meanwhile, foreign portfolio investors (FPIs) bought shares worth Rs 1,048.93 crore, while domestic institutional investors (DIIs) sold shares worth a net Rs 939.54 crore on Wednesday, as per provisional data.

Asian markets ended mixed. The market breadth remained positive as 1,412 stocks ended higher, 1,267 finished in red while 179 ruled steady The total turnover fell to Rs 3,385.87 crore from Rs 4,066.28 crore in the previous session.