Sensex, Nifty end flat amid global cues

Sensex, Nifty end flat amid global cues

Mumbai, Dec 3: After trading around the flat line for a greater part of the session, equity benchmarks have ended in the green. The Nifty failed to close above 10,900, though.
Trade truce between US and China, along with a global metals’ rally shored up equity markets in the opening trade. Midcaps followed suit as well. However, soon after the morning session, selling among financials, pharmaceuticals and index heavyweights weighed on indices.
A rise in crude oil prices due to trade truce and a resultant strengthening of dollar could have impacted the market. Additionally, investors are likely to have taken note of lower GDP data for Q2.
Consumption, IT, metals and PSU banks were the big gainers, while the Nifty Midcap index outperformed frontline indices.
Pharmaceuticals were the big losers, with the Nifty Pharma ending over 2 percent lower.
At the close of market hours, the Sensex was up 46.70 points or 0.13% at 36241.00, while the Nifty was higher by 7.00 points or 0.06% at 10883.80. The market breadth was narrow as 1,328 shares advanced, against a decline of 1,263 shares, while 160 shares were unchanged.
Yes Bank, HUL, and Indiabulls Housing gained the most, while Sun Pharma, M&M, and HPCL were the top losers.
“Markets remained volatile and settled almost flat for second consecutive session, tracking mixed cues. The beginning was upbeat, thanks to firm global cues but caution ahead of RBI’s monetary policy review meet triggered profit taking as the session progressed. Mostly sectoral indices traded in tandem with the benchmark index and closed flat,” Jayant Manglik, President, Religare Broking said in a statement.
Stocks in the news
Shares of metal companies such as Hindalco and Vedanta, among others, ended 4 percent higher. Investors placed positive bets on rally in Shanghai and London metals markets after US and China agreed to have a truce in its trade dispute.
Shares of Motherson Sumi soared 6 percent as investors cheered a buzz of China agreeing to cut tariffs on cars coming in from US, as tweeted by US President Donald Trump.
TVS Motor reported a growth of 27 percent in its sales for November at 3.19 lakh units against 2.51 lakh units that the company sold in November 2017. The stock, however, ended a percent lower.
Share price of pharma major Sun Pharmaceutical Industries plunged 7.5 percent after news reports of SEBI likely to reopen the investigation into the insider trading case against the company and its promoters.
Shares of Shankara Building Products locked at 10 percent lower circuit after IDFC Securities downgraded the stock to underperform from neutral.
Share price of Glenmark Pharma added 5 percent as broking house Nomura has maintained buy rating and increased target to Rs 850 from Rs 825 per share.
Tata Motors shares gained more than 2 percent despite a fall in November sales on low consumer sentiments.
Ashok Leyland shares declined 4.5 percent after sales in the month of November were below analysts’ expectations.
Tata Power climbed 8 percent and Adani Power gained 4 percent after a relief from Gujarat government that decided to increase tariffs of three coal-based power plants.
Prabhat Dairy shares plunged gained a percent after falling 17.5 percent after Tata Sons Board rejected the proposal to buy the company.
NIIT shares rallied nearly 8 percent after a media report indicated that promoters look to exit software services business which runs under NIIT Technologies.
Mahindra and Mahindra shares fell 4 percent after November tractor sales missed estimates and the company acquired Carnation brand.
Reliance Communications shares surged 16 percent after the subsidiary submitted corporate guarantee to Department of Telecommunications.
Hindustan Unilever shares gained 4 percent after the company decided to merge Glaxosmithkline Consumer Healthcare with itself.
Global Markets
Stocks in Asia saw gains after US and China agreed to a trade truce. The Shanghai composite gained 2.57 percent to close at around 2,654.80 while the Shenzhen composite advanced 3.275 percent to end the trading day at about 1,381.55.
European stocks rallied on the back of US-China trade talks as well. Stoxx 600 was up more than 2 percent during early morning deals.

Leave a Reply

Your email address will not be published.