Stocks turn volatile ahead of GDP numbers, but end higher

Updated: Thu, Aug 31, 2017
05:19 pm
PTI
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A general restraint prevailed in the

stock market today with all eyes on GDP data for the June

quarter as the Sensex and the Nifty both closed positive for

the second day, aided by supporting overseas trend.

The indices were on their toes ahead of release of the

growth numbers slated for post-market hours on Thursday.

Since it was the last day for August derivatives

contracts, speculators went about covering their short bets in

the last lap, which kept the positivity going.

"Market was range bound while short covering emerged

towards the close on account of expiry which took the indices

to positive. Investors are a little cautious ahead of Q1 GDP

data later today. On the other hand, ease in geopolitical

tensions will give some relief to the market," said Vinod

Nair, Head of Research, Geojit Financial Services.

In spite of a lower opening, the 30-share benchmark

settled higher by 84.03 points, that is 0.27 per cent, at

31,730.49. The gauge had rallied 258 points in the previous

trading session.

The 50-share NSE Nifty ended at 9,917.90, up 33.50

points -- 0.34 per cent -- after shuttling between 9,925.10

and 9,856.95.

Realty, power, oil and gas stocks took the front row. The

BSE realty index advanced the most by 1.11 cent, followed by

power, consumer durables and oil and gas.

Healthcare, banking and metal came as speed bumps, ending

in the negative.

Wipro got top billing surging 2.54 per cent followed by

Bajaj Auto that rose 2.24 per cent. Reliance Industries,

Maruti Suzuki, Cipla and Asian Paints registered gains of up

to 1.88 per cent.

Defence stocks had a field day after the defence

ministry, in a major move, has decided to carry out a series

of reform initiatives in the Indian Army. IT rubbed off on

defence stocks, including Reliance Defence and Engineering (up

6.86 per cent). Astra Microwave Products, Punj Lloyd, BEML and

Taneja Aerospace and Aviation went up.

Participants rolled over their futures and options

contracts from August series to September, causing deep swings

in the market.

Domestic institutional investors (DIIs) remained

steadfast in their backing by lapping up shares worth Rs

15,695.51 crore while foreign portfolio investors sold shares

of Rs 16,073.21 crore as on August 30.

DIIs bought shares worth Rs 290.78 crore while FPIs

liquidated shares worth Rs 12.46 crore yesterday, as per

provisional data.

Broader markets kept getting higher, with BSE small and

mid-cap indices turning green.

 

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)

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