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Indices erase gains to end flat but Nifty holds 9,900; auto, banks drag

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SI Reporter  |  New Delhi 

Benchmark indices pared gains to end flat on Thursday dragged by losses mainly in the banking and auto stocks. Index heavyweights Infosys and Coal India however, provided some relief to the investors, leading the gains on the fromtline indices. Shares of Infosys, India's No. 2 software services exporter, rose 4.5% after the company said on Wednesday its board would consider a proposal to buy back shares at a meeting later this month. Investors also took cues from Reserve Bank of India's minutes of August 02 meeting. The MPC members warned inflation could start ...

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Indices erase gains to end flat but Nifty holds 9,900; auto, banks drag

Analyst View   Vinod Nair, Head of Research, Geojit Financial Services says: Investors showed confidence despite some volatility after the FEDs minutes stating uncertainties over near term rate hikes due to benign inflation. The opportunity from recent correction and the announcement of share buy back from IT major supported the sentiment. Whereas the rising provisions and RBIs concern over inflation in its minutes dragged the banking stocks.

Indices erase gains to end flat but Nifty holds 9,900; auto, banks drag

Steel outlook Moody's Investors Service has revised its outlook for the Asian steel industry from negative to stable on an expectation that profitability will remain steady.   "We expect profitability of our rated Asian steel companies – measured by Ebitda (earnings before interest, tax, depreciation and amortisation) per tonne – to remain stable in the next 12 months, following a significant improvement that began in the second half of 2016," said Chris Park, an associate managing director.   The removal of excess steel production capacity in China and the broadly steady steel demand in the region will be the main drivers of this profitability, explained Park. Click here  for full story

Indices erase gains to end flat but Nifty holds 9,900; auto, banks drag

Nifty FMCG The Nifty FMCG index ended the day in red after rising 2.5% in the previous session. Emami, Tata Global Beverages, Godrej Industries and Britannia were the top losers on the index, down between 1-3.5%

Indices erase gains to end flat but Nifty holds 9,900; auto, banks drag

Only 4 sectoral indices were trading in green on NSE Source: NSE

Indices erase gains to end flat but Nifty holds 9,900; auto, banks drag

Infosys drove gains in the Nifty IT index, which climbed as much as 1.3% in its biggest intraday percentage gain in nearly a month.  Source: NSE

Indices erase gains to end flat but Nifty holds 9,900; auto, banks drag

Nifty Bank was the top sectoral loser dragged by losses in YES Bank, IndusInd Bank, Punjab National Bank and State Bank of India Source: NSE

Indices erase gains to end flat but Nifty holds 9,900; auto, banks drag

Top gainers and losers on Sensex Source: BSE

Indices erase gains to end flat but Nifty holds 9,900; auto, banks drag

Broader Markets In broader markets, the BSE Midcap index underperformed the frontline indices, down 0.3% while the BSE Smallcap index outperformed the indices, up 0.5%

Indices erase gains to end flat but Nifty holds 9,900; auto, banks drag

Markets at close Benchmark indices pared gains to end flat on Thursday dragged by losses in the banking stocks. Index heavyweight Infosys, however, provided some relief to the investors, leading the gains after announcing a likely share buyback. The S&P BSE Sensex ended at 31,795, up 24 points while the broader Nifty50 index settled at 9,904, up 7 points.

Indices erase gains to end flat but Nifty holds 9,900; auto, banks drag

Gold Check Gold rose for a second consecutive day on Thursday after Federal Reserve officials hinted that US interest rates could rise more slowly than expected, while palladium hit a new 16-year high, supported by strong industrial metals markets.   The minutes of the Fed's July 25-26 policy meeting showed some policymakers wished to halt further rate increases until it is clear the trend of soft inflation is transitory.

Indices erase gains to end flat but Nifty holds 9,900; auto, banks drag

Apollo Hospitals hit 34-month low Apollo Hospitals Enterprise has slipped 7% to Rs 1,069, its lowest level since October 23, 2014 on BSE, in an otherwise firm market.   The National Pharmaceutical Pricing Authority (NPPA) on Wednesday fixed the price for primary knee replacement of titanium alloy at Rs 38,740 while the price for revision knee replacement of any material was pegged at Rs 62,770. Click here for more details

First Published: Thu, August 17 2017. 15:31 IST
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Indices erase gains to end flat but Nifty holds 9,900; auto, banks drag

Catch all live market action here

Benchmark indices pared gains to end flat on Thursday dragged by losses mainly in the banking and auto stocks. Index heavyweights Infosys and Coal India however, provided some relief to the investors, leading the gains on the fromtline indices. Shares of Infosys, India's No. 2 software services exporter, rose 4.5% after the company said on Wednesday its board would consider a proposal to buy back shares at a meeting later this month. Investors also took cues from Reserve Bank of India's minutes of August 02 meeting. The MPC members warned inflation could start ...

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