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December 12, Tuesday 2017 11:59 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
 
 
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Is the on-going IFFK well organised?
yes
 
no
 
no opinion
 
 
 
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