Tuesday, 25 September, 2018

Sensex, Nifty Edge Up As Global Cues Boost Sentiment

New York Stock Exchange Specialist trader Geoffrey Friedman gives a price just after the opening bell on the floor of the New York Stock
Nellie Chapman | 10 March, 2018, 15:02

Equity benchmarks Nifty50 and Sensex closed in the red on Friday due to selling in metal, bank and pharma stocks.

The Sensex ended at 33,307, down 44.43 points, while the broader Nifty50 closed at 10,226, down 15.80 points.

"Major Asian markets have closed on a positive note, while European indices like CAC 40 and FTSE 100 traded in the green". The 30-share barometer, which had gained 318.48 points in the previous session, was trading higher by 138.52 points, or 0.41 percent, at 33,490.09.

Stocks of state-run lenders staged a rebound in late afternoon trade on short-covering, they added.

The PSU bank sub-index was once again a percent down, but all other sectoral sub-indices were trading in green in the early trading hours today.

Traders said sentiment remained upbeat on increased buying by domestic institutional investors and a firm trend at other Asian markets, extending gains on Wall Street following signs from the White House that US President Donald Trump's tariffs may be softer than initially feared.

Analysts feel that domestic markets have largely discounted global cues, but added that the uncertainty around the tariff on steel and aluminium imports proposed by Trump could have a short-term impact on steel companies.

MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.56 percent.

On the currency front, the rupee closed flat at 65.17 against the U.S. dollar.

Metal stocks posted gains, with Nalco and Hindustan Zinc climbing 1.83% and 1.15% respectively.

Provisional data with the exchanges showed that foreign institutional investors turned net buyers and purchased scrips worth Rs 550.36 crore.

The losers were: Tata Steel (down 10.32 per cent at Rs 605.60); Tata Motors (down 7.86 per cent at Rs 341.70); Tata Motors (DVR) (down 7.34 per cent at Rs 192.60); Adani Ports (down 6.95 per cent at Rs 377.30); and Bharti Airtel (down 5.81 per cent at Rs 401.95).