Nifty pares initial gains to end flat

The NSE Nifty ended steady after paring initial gains as GST euphoria was short-lived.
The benchmark NSE index closed the day at 9,427.90, down 1.55 points as investors deemed it fit to book profits sensing upbeat market after GST council fitted in bulk of the items in the four slab rate structure during its two-day meet.
The market opened with gap up but could not sustain its higher level of 9,505.75 due to volatility as profit-booking also marked intra-day low of 9,390.75. Towards the fag-end of the session, it recovered and finally closed with marginal loss.
FMCG sector stocks were in focus today as the GST council approved tax rates for various products late yesterday.

Country's largest lender SBI shares gained 1.67 per cent after its net profit more than doubled to Rs 2,814.82 crore for the March quarter.
Nifty resumed higher 9,469.90 and hovered between a high of 9,505.75 and low 9,390.75 before closing at 9,427.90, showing a marginal loss of 1.55 points, or 0.02 per cent.

Nifty had lost 96.30 points, or 1.01 per cent, in the previous session.
Overseas, Asian markets gained after a sluggish start on strong US economic data overnight as some risk appetite returned despite caution over political turmoil in the US.
European markets were trading higher as German producer prices posted their strongest annual gain in over five years in April.

Sector-wise, Nifty FMCG surged by 2.05 per cent, followed by PSU banks 0.84 per cent, bank 0.31 per cent, private banks 0.17 per cent and infra 0.14 per cent.
While, media fell 0.95 per cent, IT 0.75 per cent, energy 0.75 per cent, commodities 0.55 per cent and auto 0.25 per cent.
The broader midcap and smallcap shares underperformed the key indices sliding 0.60 percent and 0.77 per cent, respectively.
Major index losers were Asian Paint 2.45 per cent, BPCL 1.74 per cent, Hndalco 1.55 per cent, EicherMot 1.49 per cent and TechM 1.46 per cent.
Notable gainers were ITC up by 2.99 per cent, Yes Bank 2.07 per cent, Axis Bank 1.97 per cent, HUL 1.79 per cent and SBIN 1.67 per cent.

Meanwhile, FIIs sold shares worth net Rs 360.59 crore yesterday, as per provisional figures issued by the stock exchanges.
A total of 1,144 scrips declined, 545 advanced, while 72 remained unchanged. Total securities that hit their price bands were 117.
Turnover in the cash segment rose to Rs 29,193.68 crore, from Rs 28,180.87 crore yesterday.
A total of 15,081.10 lakh shares changed hands in 10,745,015 trades. The market capitalisation of listed firms stood at Rs 12,379,469 crore.