You are here: Home » Markets » News
Business Standard

Indices gain but coronavirus fears weigh on sentiment; UltraTech up 4%

A depreciating trend in the rupee also weighed on risk sentiment, traders said

Topics
Markets Sensex Nifty | Coronavirus | stock market trading

Press Trust of India  |  Mumbai 

BSE, sensex, market, shares, stocks, trading, brokers, investment, investors, growth, results, Q, earnings
UltraTech Cement was the top performer among the Sensex constituents, rallying 4.24 per cent, followed by Titan, Tech Mahindra, Nestlé India, TCS, Bajaj Finserv and L&T

The BSE Sensex gave up early gains but managed to close in the green on Thursday as concerns over rising infections and resultant restrictions across the country kept investors on the edge.

A depreciating trend in the rupee also weighed on risk sentiment, traders said.

Rising for the third session on the trot, the 30-share BSE benchmark settled 84.45 points or 0.17 per cent higher at 49,746.21. The broader NSE Nifty advanced 54.75 points or 0.37 per cent to 14,873.80.

Cement was the top performer among the Sensex constituents, rallying 4.24 per cent, followed by Titan, Tech Mahindra, Nestlé India, TCS, Bajaj Finserv and L&T.

On the other hand, IndusInd Bank, ONGC, Sun Pharma, Bajaj Auto, HDFC Bank and Axis Bank were among the laggards, slipping up to 1.07 per cent.

"Domestic market continued its optimistic rally supported by dovish monetary policy, though it witnessed consolidation during the second half due to selling in banking stocks.

ALSO READ: BSE Metal index soars 4.4%; Tata Steel and JSW hit fresh all-time highs

"Metal stocks led the sectorial rally on a strong outlook supported by rising steel prices and production. Q4 earnings season has started and the market is expected to have a stock-centric rally in the coming days which has a very broad positive view," said Vinod Nair, Head of Research at Geojit Financial Services.

Sectorally, BSE metal, basic materials, consumer durables, industrials, IT and teck rallied as much as 4.44 per cent, while power, utilities, bankex and finance indices fell up to 1.04 per cent.


chart

Broader BSE midcap and smallcap indices climbed up to 0.73 per cent.

Domestic equities, despite trading positively for most of the session, gave up a large portion of gains towards the end of the day as concerns of rising COVID-19 cases continued to weigh on investor sentiment, said Binod Modi, Head-Strategy at Reliance Securities.

"Expectations of steady 4Q FY21 earnings and weakening INR continued to attract investors' interest towards IT stocks," he added.

Global remained buoyant after minutes of the US Federal Reserve's last policy meeting reiterated the central bank's dovish outlook.

Elsewhere in Asia, bourses in Shanghai, Hong Kong and Seoul ended on a positive note, while Tokyo was in the red.

Stock exchanges in Europe were largely trading with gains in mid-session deals.

Meanwhile, the global oil benchmark Brent crude was trading 0.44 per cent lower at USD 62.88 per barrel.

The rupee fell for the fourth straight session and settled 11 paise down at 74.58 against the US dollar.

Foreign institutional investors were net buyers in the capital market as they purchased shares worth Rs 227.42 crore on Wednesday, according to exchange data.

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Fri, April 09 2021. 01:20 IST
RECOMMENDED FOR YOU
.