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Global cues, selling pressure pull equity indices lower
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SME Times News Bureau | 21 Aug, 2017
Negative global cues and heavy selling pressure in index heavyweights
such as Infosys, ONGC and Tata Motors among others pulled the key Indian
equity indices -- the NSE Nifty 50 and the BSE Sensex -- lower on
Monday.
According to market observers, subdued global benchmark
indices coupled with foreign fund outflows eroded investors' risk-taking
appetite.
Besides, heavy selling pressure witnessed in oil and
gas, automobile, IT, banking and capital goods stocks too weighed heavy
on key indices.
The 30-scrip Sensitive Index (Sensex) closed lower by 265 points or 0.84 per cent.
Similarly,
the wider 51-scrip Nifty of the National Stock Exchange (NSE) closed
lower by 83.05 points or 0.84 per cent at 9,754.35 points.
The
BSE Sensex, which opened at 31,609.93 points, closed at 31,258.85
points, lower by 265.83 points or 0.84 per cent from Friday's close at
31,524.68 points.
The Sensex touched a high of 31,641.81 points and a low of 31,220.53 points during the intra-day trade.
However, the BSE Sensex and NSE Nifty had opened higher on Monday against their respective previous sessions' close.
Broad market indices -- the BSE mid-cap and BSE small-cap -- underperformed the main indices.
"Weakness
in global stocks impacted sentiments on the domestic bourses. Major
Asian markets have ended on a mixed note. European indices like FTSE
100, DAX and CAC 40 are trading lower," Deepak Jasani, Head of Retail
Research, HDFC Securities, told IANS.
"Continued sharp fall in software pivotal Infosys also weighed on key indices."
On the currency front, the Indian rupee closed on a flat note at 64.13-14 to a US dollar from its Friday's close.
In
investments, provisional data with the exchanges showed that foreign
institutional investors (FIIs) sold scrip worth Rs 1,983.39 crore,
whereas domestic institutional investors (DIIs) purchased stocks worth
Rs 474.72 crore.
"Markets were volatile and swung between gains
and losses, as global cues remained mixed after investors felt
unconvinced about US President Donald Trump's ability to fulfill his
economic agenda," Dhruv Desai, Director and Chief Operating Officer of
Tradebulls, told IANS.
"Infosys' buyback announcement failed to enthuse investors as the stock fell over 3 per cent to Rs 893."
The
company had announced on last Saturday that it would buy back shares
for up to Rs 13,000 crore from investors at Rs 1,150 per share.
Major
Sensex gainers on Monday were: Axis Bank, up 0.70 per cent at Rs
494.15; Tata Consultancy Services, up 0.34 per cent at Rs 2,521.40;
Mahindra and Mahindra, up 0.27 per cent at Rs 1,374.85; HDFC, up 0.22
per cent at Rs 1,738.90; and ITC, up 0.12 per cent at Rs 282.15.
Major
Sensex losers were: Infosys, down 5.37 per cent at Rs 873.50; Adani
Ports and Special Economic Zone, down 2.74 per cent at Rs 376.05; Dr
Reddy's Lab, down 2.51 per cent at Rs 1,933.15; Sun Pharma, down 2.01
per cent at Rs 460.55; and ONGC, down 1.99 per cent at Rs 157.55.
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
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66.20
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64.50 |
UK Pound
|
87.50
|
84.65 |
Euro
|
78.25
|
75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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