Share Market Stability in volatile business ahead of monetary review
[ad_1]
Mumbai On Wednesday, a day before the decision of the Monetary Policy Committee (MPC) of the Reserve Bank of India on the policy interest rate, both the major indices closed almost flat in volatile trade as investors adopted a cautious attitude in the local stock markets. BSE’s 30-share index Sensex closed at 72,152 with a decline of 34.09 points or 0.05 percent. During trading, the Sensex rose to a high of 72,559.21 and fell to a low of 71,938.22.
NSE index Nifty closed at 21,930.50 with a marginal gain of 1.10 points or 0.01 percent. Vinod Nair, head of research, Geojit Financial Services, said, “Domestic stock markets remained cautious and traded in a limited range despite strong PMI data and favorable global cues ahead of the MPC meeting outcome.” No change is expected in the monetary stance of the US, but the market will keep an eye on possible interest rate cuts and any signals related to improvement in liquidity conditions. Among Sensex companies, State Bank of India (SBI) recorded the highest growth of 3.78 percent. Apart from this, shares of Nestle India, JSW Steel, Bajaj Finance, Axis Bank and Asian Paints also closed with gains.
On the other hand, Tech Mahindra, Power Grid, Infosys, Tata Consultancy Services, HDFC Bank, Wipro, Larsen & Toubro and NTPC declined. “The market gave up the entire session’s gains due to profit-booking in IT stocks in the last moments,” said Prashant Tapse, senior vice-president (research), Mehta Equities Ltd. Apart from this, weak global cues also affected the business sentiment. Investors are likely to see status quo on interest rates but the stance of the Reserve Bank will be important.
In the broader market, BSE Midcap rose 1.31 per cent while Smallcap gained 0.38 per cent. Among the sector wise indices, IT segment declined by 1.18 percent and Technology segment declined by 0.97 percent. On the other hand, there was a rise of 1.96 percent in the realty segment. In other markets of Asia, South Korea’s Kospi and China’s Shanghai Composite closed higher while Japan’s Nikkei and Hong Kong’s Hang Seng remained in decline. European markets were down in afternoon trading. On Tuesday, American markets closed with gains.
Global oil benchmark Brent crude rose 0.66 percent to $79.11 a barrel. According to stock market data, foreign institutional investors (FIIs) made net purchases of shares worth Rs 92.52 crore on Tuesday. On Tuesday, Sensex rose by 454.67 points to 72,186.09 points and Nifty rose by 157.70 points to 21,929.40 points.
Disclaimer: IndiaTheNews has not edited this news. This news has been published from PTI-language feed.
[ad_2]
Source link
