Mumbai: Markets finished with modest gains in see-saw trade on Wednesday as investors took comfort from ADB’s optimistic growth projections for India amid US and China toning down their trade rhetoric.
The 30-share Sensex gained 60 points to 33,940.44, while the broader NSE Nifty finished at 10,417.15, up 14.90 points.
This was the fifth straight session of gains for the key indices.
Sustained buying by domestic institutional investors (DIIs) and a mixed trend at other Asian bourses following overnight gains at the Wall Street helped key indices close in the positive zone, brokers said.
Investors are now focusing on key macroeconomic data, including retail inflation and industrial production numbers due tomorrow and corporate results starting Friday, they added.
Meanwhile, the Asian Development Bank (ADB) said India’s economic growth will rise to 7.3 per cent this fiscal and further to 7.6 percent in the next financial year, retaining the fastest-growing Asian economy tag, on the back of GST and banking reforms.
On the global front, US President Donald Trump welcomed his Chinese counterpart Xi Jinping’s pledge to open up the world’s second largest economy, even as the White House ruled out reversing the 25 percent import tariffs on Chinese products, saying America wants “concrete actions” from Beijing.
The Sensex resumed higher and advanced to 33,981.54, but soon slipped on profit-taking to touch a low of 33,750.74, before settling up 60.19 points, or 0.18 percent, at 33,940.44.
The gauge had gained 861.18 points in the previous four sessions.
The NSE 50-share index, after shuttling between 10,428.15 and 10,355.60 on alternate bouts of buying and selling, finally concluded at 10,417.15, up 14.90 points, or 0.14 per cent.
DIIs were net buyers as they bought shares worth Rs 653.65 crore yesterday, while foreign portfolio investors (FPIs) sold to the tune of Rs 684.99 crore, provisional data showed.
“Market extended a range-bound movement due to subdued trade in global market owing to concern on US military strike on Syria.
“Consequently, crude price surged while domestic 10 year yield rose adding risk to widening current account deficit. Participants are awaiting key CPI inflation and IIP data…,” said Vinod Nair, Head of Research, Geojit Financial Services.
TCS was the top gainer in the Sensex pack, climbing 2.85 percent, followed by Sun Pharma at 2.50 percent.
Other gainers were HUL, Reliance Industries, M&M, Kotak Bank, Hero MotoCorp, Tata Steel, ONGC, Infosys, Coal India, IndusInd Bank, Tata Motors and Maruti Suzuki.
However, Adani Ports, SBI, Yes Bank, ICICI Bank, Axis Bank and Dr Reddy’s ended in the red.
Among BSE sectoral indices, metal index topped the table by rising 1.62 percent, followed by IT 1.36 percent, teck 1.19 percent, consumer durables 1.02 percent, auto 0.51 percent, healthcare 0.44 percent, capital goods 0.17 percent and FMCG 0.08 percent.
In contrast, oil and gas, PSU, bankex and realty ended with losses.
Coming to the broader markets, the BSE small-cap index rose 0.20 percent, while mid-cap declined 0.19 percent.
Asian shares ended mixed following overnight gains at the US market as fears of a China-US trade war eased.
European bourses, however, opened lower.
Globally, in the Asian region, Hong Kong’s Hang Seng rose 0.55 percent, while Shanghai Composite Index inched up 0.56 percent. Japan’s Nikkei ended 0.49 percent lower.
In Europe, Frankfurt’s DAX fell 0.33 percent, Paris CAC went declined 0.31 per cent and London’s FTSE too shed 0.07 percent.
Also Watch
-
Golden Start For India: Mirabai Chanu’s Reaction After Winning First Gold
Tuesday 10 April , 2018 Pradeep Narwal: From ABVP Loyalist to Pro Bhim Army Activist | Unusual People Common Problems
Friday 06 April , 2018 Blackmail Review: Is This Black Comedy Worth The Hype?
Friday 06 April , 2018 Top Five Cars at New York Auto Show 2018
Wednesday 04 April , 2018 YouTube Attack : Four Injured In Shooting At Company Headquarters
Source: News18