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October 23, Monday 2017 2:34 AM       

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       Sensex, Nifty log gains, break 2-day slide
 
         Posted on :17:55:10 Aug 4, 2017
   
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       Last edited on:17:55:10 Aug 4, 2017
         Tags: Sensex, Nifty log gains, break 2-day slide
 
MUMBAI: A surge in consumer durables and oil and gas stocks today saved the day for the Sensex, which closed up at 32,325, reversing its two-day slide.
 
Investors liquidating short positions, coupled with a firm trend in Europe, supported the late recovery, helping erase the initial losses.
 
The 30-share index started on a bearish note, but late buying helped it settle up 87.53 points, or 0.27 per cent, at 32,325.41.
 
The gauge had lost 337 points in the previous two days.
 
The NSE Nifty was above the 10k mark at the close at 10,066.40, up 52.75 points -- or 0.53 per cent -- after hitting a high of 10,075.25.
 
On a weekly basis, the BSE managed to sign off with gains for the fifth straight week by rising 15.53 points, or 0.04 per cent. NSE too ended up 51.90 points, or 0.51 per cent.
 
"Retail and consumer goods sector showed signs of recovery... Tomorrow's GST Council meeting to revise rates on agro-services will keep traders interested," said Anand James, Chief Market Strategist, Geojit Financial Services.
 
Results of some blue-chip companies exceeded expectations, providing additional thrust, traders said.
 
In the Sensex chart, Hero MotoCorp blazed a trail, gaining the most by 3.11 per cent on the back of encouraging earnings numbers. Coal India jumped 3.04 per cent and Tata Steel 2.85 per cent.
 
Consumer durables hit it big, with a rise of 4.21 per cent, followed by oil and gas and metal.
 
Healthcare was not as lucky, plunging 0.94 per cent.
 
Pharma shares such as Dr Reddy's, Sun Pharma and Lupin fell by up to 3.76 per cent.
 
The broader market outperformed the key indices.
 
Foreign portfolio investors (FPIs) were net buyers of shares worth Rs 24.07 crore while domestic institutional investors (DIIs) pulled out shares of Rs 389.34 crore yesterday, showed provisional data.
 
Shares in Asia threw up a mixed trend. However, Europe firmed up in early trade.
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       BUSINESS
Next Article: Wholesale onion price soars to Rs 25/kg at Lasalgaon
 
 
BUSINESS HEADLINES
Some rejig in GST rate structure required: Adhia  
Essar completes construction of Ro-Ro terminals in Gujarat  
Now, Air India looks for Rs 1,500 crore short term loans  
Govt incentivises online purchase, payment of Gold Bonds  
Modi praises IFFCO's efforts in farmers upliftment  
UAE Exchange India won Indcom Award 2017 for Best Digital Media Campaign  
Bajaj Finserv slashes personal loan interest rate to 11.99%  
AI looks for Rs. 1,500 crore short term loans  
Paytm reports Mega-Dhanteras sale  
Reliance Jio hikes 84-day plan to Rs. 459  
US dollar ends higher against rupee  
Gold worth inr 120cr transacted within 6 months: Paytm  
Commodities worth over Rs 120 cr procured at MSP in R'sthan  
Nifty hits fresh high; Sensex slips from record  
Sensex, Nifty retreats from record on profit booking  
Reliance Retail to be biggest threat to Amazon, Flipkart: Pai  
India undergoing 'exciting digital transformation: IMF  
Sensex hits new peak of 32,687.32; Nifty at 10,242.45 pts  
Digital India to contribute 30pct to India's GDP by 2025  
Bring real estate under GST: Sisodia writes to Jaitley  
IMF favors three structural reforms in India  
India must go for pollution-free methanol as fuel: Gadkari  
Indian Railways to start cheaper, faster Rajdhani between Delhi-Mumbai  
Help young entrepreneurs to set up startups: AP IT Minister Lokesh to officials  
Madhya Pradesh slashes VAT on petrol by 3%, diesel by 5%  
 
Should Kummanam apologise to Kerala as remarked by the CM?
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