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Stocks come alive as Indo-China ties get back to 'right track'

Investors went looking for bargains in banking, oil and gas and automobile stocks

Press Trust of India  |  Mumbai 

Sensex, BSE, Stock exchange

A thaw in Indo-matrix after the the Doklam dispute plus improving services data brought cheer to the on Tuesday, as key stock indices pushed higher at the close, defying intermittent spells of turbulence.

Investors went looking for bargains in banking, and gas and automobile stocks.

and have agreed to move forward in their ties, with Chinese President Xi Jinping telling Indian Prime Minister Modi that he wants to put the relationship on the “right track”.

Meanwhile, the August services sector activity contracted for a second consecutive month but at a slower pace, a monthly survey has found. The Services PMI Business Activity Index improved slightly to 47.5 in August, from 45.9 in July.

The 30-share jumped at the open and hit the day’s high of 31,863.47. But, due to weak Asian markets, it ended at 31,809.55, still up 107.30 points, or 0.3 per cent, from its previous close. The had lost 190 points in the previous session, in line with a general weakness across the globe set off by North Korea’s nuclear test on Sunday.

The NSE also moved up 39.35 points, or 0.4 per cent, to end at 9,952.20.

“The market started with a subdued bias, but later recovered with a sign of improving bilateral relationship between and Additionally, improving manufacturing and service data (August) and tax collection will address concerns on valuation,” said Vinod Nair, head of research at Geojit Financial Services.

Buying picked up in the later part of the session, in tandem with a strong opening of European shares. The overall recovery received some support from consumer durables, up 2.3 per cent, along with realty, and gas, metal and stocks which recouped their losses to an extent.

Coal India remained in the lead, with a gain of nearly three per cent, with Adani Ports adding 1.60 per cent, 1.58 per cent and RIL 1.34 per cent. Bharti Airtel trailed with most losses, down 2.25 per cent.

Foreign funds net offloaded shares worth Rs 873.9 crore on Monday, showed provisional data. Even domestic institutional investors dumped shares worth Rs 49 crore.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Tue, September 05 2017. 17:18 IST