You are here: Home » Markets » News » Market Update
Business Standard

Markets trade flat ahead of RBI minutes; Nifty holds above 9,600

Muted trend in Asian markets following a renewed slump in oil prices also impacted the sentiment

SI Reporter  |  New Delhi 

Market, Nifty, Sensex
Photo: Shutterstock

The benchmark indices fell on Wednesday as investors waited for minutes of a June policy meet by the Reserve Bank of India (RBI) to gauge the direction of interest rates in the months ahead.

On the global front, muted trend seen in following a renewed slump in oil prices to seven-month lows, also impacted the sentiment. Investors also decoded the impact of a decision by US index provider MSCI to add mainland Chinese stocks to one of its popular benchmarks.

At 2:00 pm, the S&P BSE was trading at 31,202, down 94 points, while the broader Nifty50 was ruling at 9,610, down 43 points. 

In the broader market, the S&P BSE Midcap and the S&P BSE Smallcap indices outperformed to gain 0.1% and 0.2%, respectively. 

The market breadth, indicating the overall health of the market, once again turned positive from negative. On BSE, 1,198 shares rose and 1,170 shares fell. A total of 157 shares were unchanged.

Oil explorers fell after global oil prices hit seven-month lows, with Oil and Natural Gas Corp falling as much as 2.5% and Oil India down as much as 1.9%.

Shares of aviation companies were flying high with all the three airliners SpiceJet, InterGlobe Aviation and Jet Airways  trading higher in the range of 2% to 3% on the BSE in an otherwise weak market after good growth in passenger traffic and lower crude oil prices.

SpiceJet was up 3% to hit its new high of Rs 131, while InterGlobe Aviation that runs Airlines was up 2.2% at Rs 1,259, touching a fresh 52-week high on the BSE in intra-day trade. Jet Airways was up 3% too to Rs 566.

Price of aviation fuel is the biggest cost factor for low-budget carriers.

Amtek Auto hit an upper circuit limit of 10% at Rs 28.15 on media reports that 21 investors showed interest to buy a stake in the debt-ridden company.

Financial stocks also dragged the lower for the second straight session, with the Financial Services Index down as much as 0.5%.

Larsen & Toubro rose as much as 1.8% after the government's Specified Undertaking of the Unit Trust of India sold a 2.5% stake in the company for more than Rs 40 billion ($619 million).

Overseas, most Asian shares declined following a sell off in energy shares after oil prices slipped around 2% overnight. MSCI's broadest index of Asia-Pacific shares outside Japan slipped 0.8% with Australia's commodity-heavy market down 1.5%. Japan's Nikkei eased 0.45%, while China's Shanghai Composite was up 0.29%.

First Published: Wed, June 21 2017. 14:22 IST