Stock markets closed little changed
today as blue chips consolidated, reflecting the turmoil in
global shares and FII capital outflows.
Though the opening was strong, investors subsequently
took profit off the table, worried about fast-changing
developments involving North Korea. In the end, the gains
turned out to be only marginal.
"Blue-chips have been consolidating in the last one month
in line with the havoc in the global market and outflows in
FII money. But undercurrent is strong as shown by the positive
return and outperformance of mid and small cap," said Vinod
Nair, Head of Research, Geojit Financial Services.
The broader NSE Nifty ended up 13.70 points, or 0.14 per
cent, at 9,929.90, after moving between 9,964.85 and 9,917.20.
The benchmark Sensex scaled the day's high of 31,814.96,
taking positive leads from Asian markets. But it succumbed to
selling pressure mid-afternoon before settling at 31,662.74,
up 0.77 point. The gauge had lost 148 points in the previous
"The underline is that market is hoping for a strong
pick-up in earnings growth by H2 FY18, which is the fillip to
go beyond current level," Nair added.
Buying by domestic institutional investors (DIIs) kept a
big fall at bay despite capital outflows by foreign funds.
The rupee offered some relief, trading higher against the
dollar during the day.
M&M was the star of the day among Sensex components
rallying 2.02 per cent, followed by Bajaj Auto (1.37 per
cent). Other bright spots include Dr Reddy's, Sun Pharma and
The BSE metal index was sectorally most active, with a
gain of 1.41 per cent. Auto, realty, capital goods too ended
in positive territory.
Broader markets put up a good show, with mid-cap and
and small-cap indices advancing up to 0.76 per cent.
Foreign funds remained stubborn in selling shares net Rs
1,353.02 crore. But domestic investors net purchased Rs 51.57
crore of shares yesterday, according to provisional figures.
Reliance Industries fell 0.41 per cent to close at Rs
818.90 after the stock adjusted for the bonus issue.
Key European indices traded firm.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)