Market logs modest gains

Key benchmark indices logged modest gains in a volatile session of trade led by index heavyweights Reliance Industries and HDFC. The barometer index, the S&P BSE Sensex, gained 224.50 points or 0.59% at 38,242.81, as per the provisional closing data. The Nifty 50 index gained 59.95 points or 0.52% at 11,536.90, as per the provisional closing data. Pharma stocks were in demand.

Stocks drifted higher in early trade as buying resumed in index pivotals after recent slide. Key benchmark indices nudged higher in morning trade amid volatility. Firmness prevailed on the bourses in mid-morning trade. Stocks trimmed gains in early afternoon trade. Volatility ruled the roost as key indices sharply pared losses soon after hitting fresh intraday low in afternoon trade. Stocks once again firmed in mid-afternoon trade. Indices extended gains and hit fresh intraday high in late trade.

The S&P BSE Mid-Cap index rose 0.31%. The S&P BSE Small-Cap index rose 0.46%. Both these indices underperformed the Sensex.

The market breadth, indicating the overall health of the market, was positive. On the BSE, 1595 shares rose and 1119 shares fell. A total of 176 shares were unchanged.

Index heavyweight Reliance Industries advanced 2.8% to Rs 1,260.15

Index heavyweight and housing finance major HDFC rose 0.78% to Rs 1,955

Tata Consultancy Services (TCS) shed 0.15%. TCS during market hours today announced that it has successfully completed a CRM-based sales transformation program at Maxim Integrated Products, Inc. a leading global manufacturer of analog and mixed-signal integrated circuits. Maxim partnered with TCS to design a cloud-based, collaborative, intelligent and automated platform on the Microsoft Dynamics 365 CE to achieve this sales transformation.

Housing and Urban Development Corporation rose 7.19% after net profit rose 105.31% to Rs 333.38 crore on 73.42% increase in total income to Rs 1614.09 crore in Q1 June 2018 over Q1 June 2017. The result was announced after market hours yesterday, 5 September 2018.

Overseas, most shares in Europe and Asia were trading lower amid ongoing concerns over emerging markets and potential new US tariffs on China.

US stocks closed mostly lower Wednesday as tech stocks dropped after Facebook Inc. and Twitter Inc. executives testified on Capitol Hill about online misinformation.

The US and Canada are reportedly set to restart high-stakes efforts to resolve differences as they work toward recasting the North American Free Trade Agreement.

On the US data front, the trade deficit jumped almost 10% in July, hitting the highest level in five months and keeping the US on pace to record the largest annual gap in a decade.

Powered by Capital Market - Live News