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Sensex closes at two-week high, up 44 pts in volatile trade

Press Trust of India  |  Mumbai 

Benchmark surrendered much of its early gains today on widespread caution ahead of release of data as it ended at over two-week high of 26,394 on sustained buying amid mixed global cues.

Auto, telecom, consumer durables, energy, industrials and capital goods stocks firmed up on good buying, while IT, FMCG, and metal counters slipped on profit-booking.



This was the third straight session of gains for the 30-share index, which rose 43.84 points or 0.17 per cent to close at 26,394.01, its highest closing since November 11, when it had ended at 26,818.82.

Intra-day, it shuttled between 26,587.07 and 26,354.66.

The gauge has risen by 533.84 points or 2.06 per cent in three days.

The Nifty, after touching a high of 8,197.35, slipped to 8,128.70 before closing 15.25 points, or 0.19 per cent, higher at 8,142.15.

"With bulk of earnings numbers out, markets would now focus on macros, especially with many, including and PMI figures, due for release in the next two days," said Anand James, Chief Market Strategist, Geojit BNP Paribas Financial Services

Market is also tracking tomorrow's OPEC meeting, where producers are likely to discuss output cuts.

Sentiment remained upbeat for the better part of the day after the government yesterday provided yet another opportunity to black money holders to legalise their wealth, brokers said.

The government has proposed to tax at 50 per cent the unaccounted demonetised cash that is disclosed voluntarily till December 30, after which a steep up to 85 per cent tax and penalty will be levied on undisclosed wealth that is discovered by authorities.

Meanwhile, Fitch Ratings today lowered India's growth forecast for this fiscal to 6.9 per cent from 7.4 per cent, saying there will be "temporary disruptions" to economic activity post demonetisation.

Foreign portfolio investors (FPIs) sold shares worth a net Rs 1,436.40 crore yesterday, as per provisional data released by the stock exchanges.

Overseas, Asian stocks closed on a mixed note ahead of key global events scheduled for this week, including tomorrow's meeting between the world's largest oil producers and the release of US non-farm payroll report on Friday.

Key Asian indices like China, Singapore and South Korea moved up by 0.01 per cent to 0.18 per cent, while Hong Kong, Japan and Taiwan declined by 0.27 per cent to 0.41 per cent.

European shares were trading lower in their afternoon trade with commodities-related stocks coming under renewed selling pressure after a sharp decline in metals and oil prices.

Key indices in France and Germany rose by 0.32 per cent to 0.86 per cent while UK's FTSE quoted lower by 0.42 per cent.

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

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Sensex closes at two-week high, up 44 pts in volatile trade

Benchmark Sensex surrendered much of its early gains today on widespread caution ahead of release of GDP data as it ended at over two-week high of 26,394 on sustained buying amid mixed global cues. Auto, telecom, consumer durables, energy, industrials and capital goods stocks firmed up on good buying, while IT, FMCG, banking and metal counters slipped on profit-booking. This was the third straight session of gains for the 30-share index, which rose 43.84 points or 0.17 per cent to close at 26,394.01, its highest closing since November 11, when it had ended at 26,818.82. Intra-day, it shuttled between 26,587.07 and 26,354.66. The gauge has risen by 533.84 points or 2.06 per cent in three days. The NSE Nifty, after touching a high of 8,197.35, slipped to 8,128.70 before closing 15.25 points, or 0.19 per cent, higher at 8,142.15. "With bulk of earnings numbers out, markets would now focus on macros, especially with many, including GDP and PMI figures, due for release in the next ... Benchmark surrendered much of its early gains today on widespread caution ahead of release of data as it ended at over two-week high of 26,394 on sustained buying amid mixed global cues.

Auto, telecom, consumer durables, energy, industrials and capital goods stocks firmed up on good buying, while IT, FMCG, and metal counters slipped on profit-booking.

This was the third straight session of gains for the 30-share index, which rose 43.84 points or 0.17 per cent to close at 26,394.01, its highest closing since November 11, when it had ended at 26,818.82.

Intra-day, it shuttled between 26,587.07 and 26,354.66.

The gauge has risen by 533.84 points or 2.06 per cent in three days.

The Nifty, after touching a high of 8,197.35, slipped to 8,128.70 before closing 15.25 points, or 0.19 per cent, higher at 8,142.15.

"With bulk of earnings numbers out, markets would now focus on macros, especially with many, including and PMI figures, due for release in the next two days," said Anand James, Chief Market Strategist, Geojit BNP Paribas Financial Services

Market is also tracking tomorrow's OPEC meeting, where producers are likely to discuss output cuts.

Sentiment remained upbeat for the better part of the day after the government yesterday provided yet another opportunity to black money holders to legalise their wealth, brokers said.

The government has proposed to tax at 50 per cent the unaccounted demonetised cash that is disclosed voluntarily till December 30, after which a steep up to 85 per cent tax and penalty will be levied on undisclosed wealth that is discovered by authorities.

Meanwhile, Fitch Ratings today lowered India's growth forecast for this fiscal to 6.9 per cent from 7.4 per cent, saying there will be "temporary disruptions" to economic activity post demonetisation.

Foreign portfolio investors (FPIs) sold shares worth a net Rs 1,436.40 crore yesterday, as per provisional data released by the stock exchanges.

Overseas, Asian stocks closed on a mixed note ahead of key global events scheduled for this week, including tomorrow's meeting between the world's largest oil producers and the release of US non-farm payroll report on Friday.

Key Asian indices like China, Singapore and South Korea moved up by 0.01 per cent to 0.18 per cent, while Hong Kong, Japan and Taiwan declined by 0.27 per cent to 0.41 per cent.

European shares were trading lower in their afternoon trade with commodities-related stocks coming under renewed selling pressure after a sharp decline in metals and oil prices.

Key indices in France and Germany rose by 0.32 per cent to 0.86 per cent while UK's FTSE quoted lower by 0.42 per cent.

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

image
Business Standard
177 22

Sensex closes at two-week high, up 44 pts in volatile trade

Benchmark surrendered much of its early gains today on widespread caution ahead of release of data as it ended at over two-week high of 26,394 on sustained buying amid mixed global cues.

Auto, telecom, consumer durables, energy, industrials and capital goods stocks firmed up on good buying, while IT, FMCG, and metal counters slipped on profit-booking.

This was the third straight session of gains for the 30-share index, which rose 43.84 points or 0.17 per cent to close at 26,394.01, its highest closing since November 11, when it had ended at 26,818.82.

Intra-day, it shuttled between 26,587.07 and 26,354.66.

The gauge has risen by 533.84 points or 2.06 per cent in three days.

The Nifty, after touching a high of 8,197.35, slipped to 8,128.70 before closing 15.25 points, or 0.19 per cent, higher at 8,142.15.

"With bulk of earnings numbers out, markets would now focus on macros, especially with many, including and PMI figures, due for release in the next two days," said Anand James, Chief Market Strategist, Geojit BNP Paribas Financial Services

Market is also tracking tomorrow's OPEC meeting, where producers are likely to discuss output cuts.

Sentiment remained upbeat for the better part of the day after the government yesterday provided yet another opportunity to black money holders to legalise their wealth, brokers said.

The government has proposed to tax at 50 per cent the unaccounted demonetised cash that is disclosed voluntarily till December 30, after which a steep up to 85 per cent tax and penalty will be levied on undisclosed wealth that is discovered by authorities.

Meanwhile, Fitch Ratings today lowered India's growth forecast for this fiscal to 6.9 per cent from 7.4 per cent, saying there will be "temporary disruptions" to economic activity post demonetisation.

Foreign portfolio investors (FPIs) sold shares worth a net Rs 1,436.40 crore yesterday, as per provisional data released by the stock exchanges.

Overseas, Asian stocks closed on a mixed note ahead of key global events scheduled for this week, including tomorrow's meeting between the world's largest oil producers and the release of US non-farm payroll report on Friday.

Key Asian indices like China, Singapore and South Korea moved up by 0.01 per cent to 0.18 per cent, while Hong Kong, Japan and Taiwan declined by 0.27 per cent to 0.41 per cent.

European shares were trading lower in their afternoon trade with commodities-related stocks coming under renewed selling pressure after a sharp decline in metals and oil prices.

Key indices in France and Germany rose by 0.32 per cent to 0.86 per cent while UK's FTSE quoted lower by 0.42 per cent.

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

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Business Standard
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