Profit booking subdues equity indices, banking stocks down (Roundup)

Profit booking, along with concerns over global protectionist measures, subdued the Indian equity indices on Tuesday.

According to market observers, heavy selling pressure in oil and gas, banking and healthcare stocks capped the gains.

Index-wise, the 30-scrip Sensitive Index (Sensex) closed the day's trade at 37,665.80 points, down by 26.09 points and 0.07 per cent from its previous close.

The barometer index touched a fresh record high of 37,876.87 points and a low of 37,586.88 points during the intra-day trade.

In contrast, the broader 50-scrip Nifty of the National Stock Exchange (NSE) closed on a flat-to-positive note at 11,389.45 points, up by just 2.35 points or 0.02 per cent.

"Market was range bound after touching a new high and ended up with a marginal gain. Global cues were positive despite concerns of trade tensions," said Geojit Financial Services' Head of Research Vinod Nair.

"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 and select large caps will enthuse the market to have a positive momentum."

BNP Paribas Mutual Fund's Senior Fund Manager Equities Market Abhijeet Dey said: "Stock markets in India started the day on a buoyant note and scaled a record high, amidst mild volatility."

"However, key benchmark indices subsequently reversed initial gains to trade in the negative zone in the mid-morning trade to finally close near the flat line."

On the currency front, the rupee strengthened by 11 paise to 68.68 against the US dollar from the previous close of 68.89 per greenback.

Investment-wise, provisional data with exchanges showed that foreign institutional investors bought scrip worth Rs 314.83 crore, while the domestic institutional investors sold stocks worth Rs 319.90 crore.

Sector-wise, the S&P BSE consumer durables index rose by 267.70 points, the S&P BSE metal index was up 163.47 points and the auto index ended higher by 37.49 points.

Against this, the S&P BSE oil and gas index declined by 155.77 points, followed by the banking index, which was down 80.79 points and the healthcare index which ended lower by 62.41 points.

The major gainers on the Sensex were Tata Steel, up 3.61 per cent at Rs 573.40; Asian Paints, up 1.63 per cent at Rs 1,419.60; NTPC, up 1.31 per cent at Rs 158.60; Vedanta, up 1.25 per cent at Rs 226.80; and Maruti Suzuki up 1.18 per cent from Rs 9396.80 per share.

The major losers were Adani Ports, down 6.49 per cent at Rs 371.95; Coal India, down 2.63 per cent at Rs 275.40; State Bank of India, down 1.47 per cent at Rs 304.00; Bharti Airtel, down 1.26 per cent at Rs 381.35; and ONGC, down 1.24 per cent at Rs 167.10 per share.

--IANS

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