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Indices recover on late buying
A late burst of buying lifted the Sensex by 49 points to close at 31,262.06 on a day marked by high volatility, but it was not enough to stop the bourses from recording their first fall in five weeks. Indian bourses largely defended world pressure in the midst of an unexpected outcome for UK Prime Minister Theresa May’s Conservatives with political uncertainty taking centre stage globally.
Mumbai : A late burst of buying lifted the Sensex by 49 points to close at 31,262.06 on a day marked by high volatility, but it was not enough to stop the bourses from recording their first fall in five weeks. Indian bourses largely defended world pressure in the midst of an unexpected outcome for UK Prime Minister Theresa May’s Conservatives with political uncertainty taking centre stage globally.
Though the Conservative party managed to get a minor win, which guarantees they are set to be the largest party in the UK Parliament, but fell well short of a majority. Maruti Suzuki zipped past Infosys and ONGC in market capitalisation (m-cap) as its stock rose by three per cent to end at Rs 7,451, adding Rs 6,563 crore to the value. Maruti was the top gainer on the BSE benchmark Sensex.
Late buying helped Sensex stage a strong comeback to wipe off the day’s losses to scale a high of 31,289.99 before ending 48.70 points, or 0.16 per cent, higher at 31,262.06. The NSE Nifty also went up by 21 points, or 0.22 per cent, at 9,668.25.
The early sell-off was triggered by rumours that IT bellwether Infosys’ promoters were planning to sell their stakes, dragging the stocks to hit their lowest-level in over a month. Infosys Ltd ended down 0.80 per cent, after falling as much as 3.5 per cent earlier.
“The market bounced back after a subdued momentum during the day as the verdict of UK election has not created any impact in the EMs. On the other hand, Investors are a bit cautious given the market’s strong performance in the last one year compared to the tepid results.
Some are under profit-booking mode and waiting for some correction to come back to the market. Also, investors are shifting their focus to the week ahead, FEDs policy decision to get cues on rate hike trajectory,” said Vinod Nair, Head of Research, Geojit Financial Services Ltd.
Value buying coupled with domestic cues such as progress on the upcoming taxation reform -- the Goods and Services Tax (GST) -- aided the Indian equity markets recoup their losses to close on a flat-to-positive note, said brokers.
