Equities close flat; auto, metal stocks up (Roundup)

Key Indian equity indices -- the NSE Nifty50 and the BSE Sensex -- closed on a flat note on Thursday. Healthy buying was witnessed in automobile, metal and capital goods stocks.

According to market observers, sentiments continued to remain subdued on the back of prevailing geo-political tensions as well as continous outflow of foreign funds.

On a closing basis, the wider 51-scrip Nifty50 of the National Stock Exchange (NSE) was up 13.70 points, or 0.14 per cent, at 9,929.90 points.

The 30-scrip Sensitive Index (Sensex) of the BSE witnessed almost no change from its previous close at 31,661.97 points.

On Thursday, the Sensex closed at 31,662.74 points -- fractionally up 0.77 points.

The BSE market breadth was slightly bullish with 1,406 advances and 1,177 declines.

"Markets ended with marginal gains on Thursday as the Nifty continued to consolidate in a range. Metal and mining stocks were in demand while shares of index heavyweight and cigarette major ITC dropped," Deepak Jasani, Head - Retail Research, HDFC Securities, told IANS.

"Major Asian markets ended on a mixed note, while European indices like FTSE 100, DAX and CAC 40 traded higher," he added.

Vinod Nair, Head of Research, Geojit Financial Services, said: "Blue-chips have been consolidating in the last one month in line with the havoc in global market and outflows in FII (foreign institutional investors) money. But undercurrent is strong as shown by the positive return and outperformance of the mid and small cap stocks."

In terms of broader market indices, the S&P BSE mid-cap index was up 0.76 per cent and the small-cap index up 0.51 per cent.

On the currency front, the Indian rupee strengthened by five paise to 64.05 against the US dollar from its previous close at 64.10.

"The outlook for Indian markets still remained subdued given continued concerns over the escalating tensions around North Korea's nuclear test, but analysts said markets were still being supported by domestic retail investments, preventing any steep losses," Dhruv Desai, Director and Chief Operating Officer of Tradebulls, told IANS.

In investments, provisional data with the exchanges showed that FIIs sold scrip worth Rs 2,606.09 crore during the week (Sep 4-6), while domestic institutional investors (DIIs) purchased stocks worth Rs 427.73 crore during the same period.

"Trading volume was 7.4 times its 20-day average. Top gainers on the NSE were Indiabulls Housing Finance, Vedanta and Eicher Motors, while top losers were ITC, BPCL and Tata Motors (DVR)," Desai added.

Sector-wise, the S&P BSE automobile index rose by 204.32 points, metal index by 193.79 points and capital goods index by 98.70 points.

On the other hand, the S&P BSE oil and gas index fell by 58.89 points, FMCG index by 23.01 points and energy index by 11.09 points.

Major Sensex gainers on Thursday were: Mahindra and Mahindra, up 1.69 per cent at Rs 1,338.75; Bajaj Auto, up 1.37 per cent at Rs 2,965.95; Dr Reddy's Lab, up 1.24 per cent at Rs 2,223.95; Sun Pharma, up 1.06 per cent at Rs 480.05; and Power Grid, up 0.86 per cent at Rs 215.80.

Major Sensex losers were: ITC, down 1.89 per cent at Rs 270.35; Tata Motors (DVR), down 1.42 per cent at Rs 211.50; Bharti Airtel, down 1.36 per cent at Rs 397.45; Tata Motors, down 1.17 per cent at Rs 378.90; and Coal India, down 0.96 per cent at Rs 253.

--IANS

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