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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 

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

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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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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