Last hour recovery helps Sensex end 20 points lower


Mumbai, Jun 8: A solid fight back by the bulls in the last hour of trade ensured that benchmark indices ended their day and week off the low points. The Sensex managed to end flat, while the Nifty closed above 10,750-mark.
The day was largely marked weak moves on D-Street, dragged by factors such as weak global cues, surge in crude prices as well as bond yields. A weaker rupee also dented sentiment for the market.
Among sectors too, all major sectoral indices were trading in the red. But defensive segments such as IT and pharmaceuticals saw a strong surge. The Nifty Pharma index gained over 4 percent. PSU banks too gained in the second half, up over 1 percent, while IT had a good day of trade.
In case of broader markets, midcaps went through a good trading session, outperforming the benchmarks. The Nifty Midcap index was up over half a percent.
The Sensex ended down 19.41 points at 35443.67, while the Nifty was down or 0.01% at 10767.70. The market breadth was positive as 1,468 shares advanced against a decline of 1,153 shares, while 158 shares are unchanged.
Sun Pharmaceuticals and Dr Reddy’s Laboratories were the top gainers on both indices, while Power Grid, HDFC and Hindalco had lost the most.
“The market found strong support at lower levels, as the Nifty index staged a smart recovery post noon from intra-day lows of 10,709 and ended the session on a flat note. Broader markets continued their outperformance, with BSE Smallcap & Midcap gaining 0.6% & 0.4% respectively. The sectoral indices exhibited a mixed trend,” Jayant Manglik, President, Religare Broking, said in a statement.
Stocks in the news
Shares of Tata Motors gained 2 percent as investors bet on the firms’ fundraising plans. The stock had gained even on the back of group global wholesales seeing a 24 percent jump in May.