Strong IT stocks, rupee buoy equity indices (Roundup)

Key Indian equity indices on Thursday closed in the green for the sixth consecutive session on the back of healthy buying in IT and Teck (technology, media and entertainment) stocks, as well as a strong rupee.

The indices closed on a flat-to-positive note as most gains were capped by weak global cues and selling pressure in index heavyweights like Dr. Reddy's Lab, Bajaj Auto, Adani Ports and NTPC on the BSE.

On closing basis, the wider Nifty50 of the National Stock Exchange (NSE) was up 6.45 points or 0.06 per cent at 10,348.75 points.

The barometer 30-scrip Sensitive Index (Sensex) of the BSE closed higher by 26.53 points or 0.08 per cent at 33,588.08 points.

The BSE market breadth was bullish -- 1,415 advances and 1,284 declines.

"Benchmark indices traded in a narrow range where markets did not do much for the entire day. Weekly expiry options were the flavor of the day," Dhruv Desai, Director and Chief Operating Officer of Tradebulls, told IANS.

"Chinese shares tumbled on Thursday with the blue-chip index suffering its worst fall in nearly 20 months as worries about a sell-off in the bond market bled into equities," Desai added.

On the currency front, the rupee stregthened by 33 paise to 64.58-59 against the US dollar from its previous close at 64.91-92.

Provisional data with the exchanges showed that foreign institutional investors bought scrips worth Rs 73.22 crore, while domestic institutional investors purchased stocks worth Rs 222.21 crore.

According to Deepak Jasani, Head, Retail Research, HDFC Securities, it was the sixth consecutive session of gains for the Nifty.

"Broad market indices like the BSE mid-cap and small-cap indices ended with bigger gains, thereby outperforming the main indices," Jasani told IANS.

The BSE mid-cap closed higher by 0.30 per cent, while the small-cap index was up 0.51 per cent.

Vinod Nair, Head of Research, Geojit Financial Services, said: "Market traded between gains and losses due to subdued trend in global market. After the completion of Q2 results investors are looking for fresh triggers, upcoming state election will be a key catalyst in the direction."

"On the global front, Fed's divergence in opinion on inflation growth in the minutes may refrain the chair to take aggressive rate hike in Dec which is positive for Indian market," added Nair.

Sector-wise, the S&P BSE IT index rose by 139.62 points, followed by consumer durables index by 89.74 points and capital goods index by 81.91 points.

On the other hand, the S&P BSE auto index fell by 57.70 points, metal index by 49.53 points and finance index by 12.49 points.

Major Sensex gainers on Thursday were: Infosys, up 2.60 per cent at Rs 991.40; Sun Pharma, up 1.78 per cent at Rs 544.75; Reliance Industries, up 1.60 per cent at Rs 945.15; Power Grid, up 1.04 per cent at Rs 209.20; and Axis Bank, up 0.78 per cent at Rs 544.25.

Major Sensex losers were: Dr. Reddy's Lab, down 2.10 per cent at Rs 2,311.65; Adani Ports, down 1.71 per cent at Rs 407.20; Bajaj Auto, down 1.52 per cent at Rs 3,261.85; Asian Paints, down 1.12 per cent at Rs 1,161.25; and NTPC, down 0.94 per cent at Rs 180.

--IANS

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