Sensex, Nifty recover marginally

By Sreenivasa Rao Dasari  Published on  4 Sep 2019 1:43 PM GMT
Sensex, Nifty recover marginally

Select buying in blue-chip counters support key indices

Mumbai: Key benchmark indices of the domestic bourses on Wednesday marginally moved up for a consecutive second session as buying in select blue-chip counters took place. However, the broader market sentiment remained subdued amid disappointing macro data, continuous decline in auto sales and weak global cues.

The buying support to HDFC, ICICI Bank, State Bank of India (SBI) and Infosys helped benchmark indices close on a positive note.

The S&P BSE Sensex recovered 162 points, or 0.44 per cent, and closed at 36,725 points. Bharti Airtel rose three per cent and was the top gainer. And the biggest loser was Maruti, which fell four per cent. During the session, the 30-share index of BSE hit a high and low of 36,776.31 and 36,409.54, respectively.

NSE’s benchmark index Nifty-50 closed at 10,845, up 47 points or 0.43 per cent. Out of 50 constituents, 30 advanced, while 20 fell.

Among the sectors, the auto stocks declined the most, followed by media and realty counters. The Nifty Auto index fell around 2 per cent to 6,782 levels. On the flip side, metal stocks gained the most.

Indicating the bullish mode, though weaker, the market breadth was in favour of bulls as 1,203 advanced out of the 2,557 scrips traded on BSE. As many as 1,188 declined, and 166 remained unchanged on BSE. The S&P BSE MidCap index added 18 points, or 0.14 per cent, to end at 13,264 levels, while the S&P BSE SmallCap index closed at 12,406, up 36 points or 0.29 per cent.

Easing volatility was seen in the market as India VIX, the volatility gauge, fell five per cent to 17.22-level.

Among individual stocks, Sun Pharma ended over three per cent down at Rs 426.40 a share on the BSE. The media reports spread in the market that the market regulator Sebi has ordered a forensic audit against the company to look into allegations of financial irregularities and lapses in corporate governance standards.

Maruti ended four per cent lower after the company announced that it has decided to halt the manufacturing operations for two days at its Haryana plants. Coming to Asian stocks, MSCI’s index of Asia-Pacific shares, barring Japan, snapped a two-day losing streak and gained 0.6 per cent. South Korea’s KOSPI advanced 0.4 per cent and Japan’s Nikkei added 0.2 per cent.

China’s Shanghai index recovered 0.3 per cent after a report showed growth in the Chinese service sector despite broader economic headwinds. Its blue-chip CSI300 index gained 0.25 per cent. The British pound halted its decline on hopes a no-deal Brexit may yet be averted.

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