Wednesday, 26 April, 2017

Nifty snaps 5-day losing streak, midcaps outperform, but banks fall

The weakness remained for the third session as the 30-share index fell 88.32 points or 0.30 per cent to 29,373.13. Much of the softness came from metal IT FMCG technology and auto. The gauge had lost 326.90 points in the previous two sessions. Press Sensex losses narrow, more Q4 earnings data due
Debra Rodriguez | 21 April, 2017, 05:03

The gauge has now lost 374.69 points in three sessions.

On the other hand, the utilities index inched up by 5.35 points and the power index was up a tad by 0.79 points. "Amid all, it was a mixed session on the sectoral front while noticeable recovery was witnessed in midcap and smallcap space", said Jayant Manglik, President, Retail Distribution at Religare Securities. The Nifty was down by 1.65 points or 0.02 per cent.

Benchmark indices NSE Nifty closed at 9136 levels higher by 32 points or 0.3%, whereas the BSE Sensex closed at 29,422 levels, up by 85 points or 0.2%.While, BSE Mid-cap Index closed up 0.6% at 14485 whereas, BSE Small-cap Index closed up 1.1% at 15128.

Foreign investors net sold shares worth Rs 930.67 crore while domestic institutional investors bought shares worth 878.08 crore on Tuesday, provisional data showed. "That may have attracted some bargain hunting", Anand James, chief market strategist at Geojit Financial Services, told Mint.

Shares of the country's largest software exporter TCS on Wednesday rose 1.27% to Rs2,338 after the company on Tuesday reported a 4.2% growth in net profit at Rs6,608 crore for the quarter ended March 2017. ICICI Bank and Axis Bank too were under pressure and lost up to 2.90 percent.

Apart from the larger indices, midcaps indices gained nearly a percent, but the Bank Nifty witnessed weak movements as it fell 0.30 percent at 21,491.40.

Of the 30-share Sensex pack, 21 scrips ended higher while 9 declined.

Major index losers were NTPC (3.25 per cent), Infratel (3.01 per cent), SunPharma (2.27 per cent), Bosch Ltd (1.98 per cent) and TechM (1.86 per cent).

Top gainers in the Sensex-30 pack: Gail (up 2 per cent), Adani Ports (up 1.9 per cent), HDFC (up 1.7 per cent), Asian Paints (up 1.4 per cent) and M&M (up 1.2 per cent).

BSE power index made the maximum advance, rising 2.04 per cent, followed by realty, metal and capital goods.

Among other Asian markets, Hong Kong's Hang Seng was down 0.72% while Japan's Nikkei shed 0.09% in early trade.

The total turnover on BSE amounted to Rs 4,028.59 crore, higher than Rs 3,364.37 crore registered during the previous session.

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