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Sensex ends almost flat, Nifty below 11,400 as energy banking stocks fall

Market benchmark BSE Sensex retreated from record levels to end almost flat at 37,665.80 points today due to profit booking in banking and energy stocks after a recent rally.

PTI 07 Aug 2018, 11:47 AM India

Market benchmark BSE Sensex retreated from record levels to end almost flat at 37,665.80 points today due to profit booking in banking and energy stocks after a recent rally.

The broader NSE Nifty, however, extended its record run for a third straight session and closed at a fresh record high of 11,389.45, showing a marginal gain of 2.35 points or 0.02 percent. Intra-day, it hit a new high of 11,428.95 and a low of 11,359.70.

Stock markets were volatile today even as global markets posted gains on encouraging corporate results and gains in oil stocks.

The Sensex opened higher and rallied to a fresh life-time high of 37,876.87 in early trade. However, it succumbed to profit booking, before finally ending at 37,665.80 points, down by 26.09 points, or 0.07 percent.

The Sensex swung about 300 points on alternate bouts of buying and selling during the volatile session.

Investors booked profits in range-bound trade, led by PSU, oil & gas, energy, infrastructure, telecom, realty, healthcare, banks, FMCG, capital goods and power counters.

Vinod Nair, Head of Research, Geojit Financial Services Ltd said, "Market was range bound after touching a new high. Global cues were positive despite concerns of trade tensions. Back home, PSU banks slid on account of profit booking after two consecutive days of rally.

"Earnings were largely in line with market expectation while positive guidance for sectors like consumer durables, pharma & select large caps will enthuse the market to have a positive momentum."

Adani Ports was the top loser in the Sensex pack, falling by 6.49 percent after the company reported 9 percent decline in consolidated profit for the June quarter.

Index major Reliance Industries declined 0.67 percent on profit booking after a two-day rally, dragging the index down to nearly flat.

Banking major SBI dropped 1.47 percent, ICICI Bank by 0.62 percent, and Axis Bank by 0.75 percent after a recent rally.

Coal India fell by 2.63 per cent. ONGC 1.24 per cent. Sun Pharma 1.13 per cent. Tata Motors 1.12 per cent. Bharti Airtel 1.04 per cent. M&M 0.72 per cent. TCS 0.42 per cent. HDFC 0.18 per cent. ITC 0.18 per cent. Bajaj Auto 0.16 per cent and Power Grid by 0.13 per cent.

However, Tata Steel was the top gainer in the Sensex kitty, surging 3.61 percent, followed by Asian Paints 1.63 percent, NTPC 1.31 percent, and Vedanta 1.25 percent.

Maruti Suzuki gained 1.18 percent, Yes Bank 1.05 percent, HDFC Bank 0.80 percent, Infosys 0.63 percent, L&T 0.34 percent, HUL 0.26 percent, Wipro 0.22 percent, IndusInd Bank 0.22 percent, Hero Motocorp 0.15 and Kotak Bank 0.09 percent.

Sector-wise, the BSE PSU index lost the most by falling 1.08 per cent. followed by oil & gas 1.02 per cent. energy 0.88 per cent. infrastructure 0.87 per cent. telecom 0.72 per cent. realty 0.51 per cent. healthcare 0.43 percent, bankex 0.26 per cent. FMCG 0.20 per cent. capital goods 0.18 per cent and power 0.12 per cent.

In line with the overall trend, the S&P BSE Small-Cap index shed 0.22 percent while the mid-cap index inched down 0.18 percent.

While metal index tops the gainers' list, by surging 1.27 percent after copper prices rose in global commodity markets.

NMDC was up 6.24 percent, Jindal Steel & Power 3.45 percent, Steel Authority of India 1.86 percent, Hindalco Industries 1.32 percent, Vedanta 1.25 percent and JSW Steel 1.08 percent.

Other sectoral indices such as consumer durables, auto, tech and IT also managed to close in the green, rising up to 1.25 percent.

The market breadth turned negative as 1,471 stocks

closed in red while 1,255 stocks finished in green and 149 ruled steady.

However, Asian markets advanced following gains in oil stocks after US President Donald Trump re-imposed sanctions on oil producer Iran. China's Shanghai Composite Index climbed 2.74 percent, Japan's Nikkei rose 0.69 percent and Hong Kong's Hang Seng moved up 1.54 percent.

European stocks were trading higher today, as investors monitored global trade tensions and the latest batch of corporate earnings.

In the Eurozone, Frankfurt's DAX rose 0.76 percent and Paris CAC gained 0.73 percent in their late morning deals. London's FTSE too gained 0.80 percent.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

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