Indices erase gains to end flat but Nifty holds 9,900; auto, banks drag
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 "Photo: Shutterstock")
Photo: Shutterstock
Benchmark indices pared gains to end flat on Thursday dragged by losses mainly in the banking and auto stocks. Index heavyweights Infosys and Coal India however, provided some relief to the investors, leading the gains on the fromtline indices.
Shares of Infosys, India's No. 2 software services exporter, rose 4.5% after the company said on Wednesday its board would consider a proposal to buy back shares at a meeting later this month.
Shares of Infosys, India's No. 2 software services exporter, rose 4.5% after the company said on Wednesday its board would consider a proposal to buy back shares at a meeting later this month.
Investors also took cues from Reserve Bank of India's minutes of August 02 meeting. The MPC members warned inflation could start accelerating later this year, while noting the focus should be on ensuring banks cut their lending rates further: despite the RBI rate cut, none of the major lenders have lowered the cost of loans.
Sentiment was also upbeat across global markets with Asian shares advancing as tensions between the US and North Korea came off the boil, although the Federal Reserve's concerns about weak US inflation weighed on the dollar.
3:54 PM
Analyst View
Vinod Nair, Head of Research, Geojit Financial Services says: Investors showed confidence despite some volatility after the FEDs minutes stating uncertainties over near term rate hikes due to benign inflation. The opportunity from recent correction and the announcement of share buy back from IT major supported the sentiment. Whereas the rising provisions and RBIs concern over inflation in its minutes dragged the banking stocks.
3:53 PM
Steel outlook
Moody's Investors Service has revised its outlook for the Asian steel industry from negative to stable on an expectation that profitability will remain steady.
Moody's Investors Service has revised its outlook for the Asian steel industry from negative to stable on an expectation that profitability will remain steady.
"We expect profitability of our rated Asian steel companies – measured by Ebitda (earnings before interest, tax, depreciation and amortisation) per tonne – to remain stable in the next 12 months, following a significant improvement that began in the second half of 2016," said Chris Park, an associate managing director.
The removal of excess steel production capacity in China and the broadly steady steel demand in the region will be the main drivers of this profitability, explained Park.
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3:48 PM
Nifty FMCG
The Nifty FMCG index ended the day in red after rising 2.5% in the previous session. Emami, Tata Global Beverages, Godrej Industries and Britannia were the top losers on the index, down between 1-3.5%
The Nifty FMCG index ended the day in red after rising 2.5% in the previous session. Emami, Tata Global Beverages, Godrej Industries and Britannia were the top losers on the index, down between 1-3.5%
3:46 PM
Only 4 sectoral indices were trading in green on NSE
Source: NSE
3:44 PM
Infosys drove gains in the Nifty IT index, which climbed as much as 1.3% in its biggest intraday percentage gain in nearly a month.
Source: NSE
3:41 PM
Nifty Bank was the top sectoral loser dragged by losses in YES Bank, IndusInd Bank, Punjab National Bank and State Bank of India
Source: NSE
3:38 PM
Top gainers and losers on Sensex
Source: BSE
3:36 PM
Broader Markets
In broader markets, the BSE Midcap index underperformed the frontline indices, down 0.3% while the BSE Smallcap index outperformed the indices, up 0.5%
In broader markets, the BSE Midcap index underperformed the frontline indices, down 0.3% while the BSE Smallcap index outperformed the indices, up 0.5%
3:34 PM
Markets at close
Benchmark indices pared gains to end flat on Thursday dragged by losses in the banking stocks. Index heavyweight Infosys, however, provided some relief to the investors, leading the gains after announcing a likely share buyback.
The S&P BSE Sensex ended at 31,795, up 24 points while the broader Nifty50 index settled at 9,904, up 7 points.
Benchmark indices pared gains to end flat on Thursday dragged by losses in the banking stocks. Index heavyweight Infosys, however, provided some relief to the investors, leading the gains after announcing a likely share buyback.
The S&P BSE Sensex ended at 31,795, up 24 points while the broader Nifty50 index settled at 9,904, up 7 points.
3:28 PM
Gold Check
Gold rose for a second consecutive day on Thursday after Federal Reserve officials hinted that US interest rates could rise more slowly than expected, while palladium hit a new 16-year high, supported by strong industrial metals markets.
Gold rose for a second consecutive day on Thursday after Federal Reserve officials hinted that US interest rates could rise more slowly than expected, while palladium hit a new 16-year high, supported by strong industrial metals markets.
The minutes of the Fed's July 25-26 policy meeting showed some policymakers wished to halt further rate increases until it is clear the trend of soft inflation is transitory.
3:11 PM
Apollo Hospitals hit 34-month low
Apollo Hospitals Enterprise has slipped 7% to Rs 1,069, its lowest level since October 23, 2014 on BSE, in an otherwise firm market.
Apollo Hospitals Enterprise has slipped 7% to Rs 1,069, its lowest level since October 23, 2014 on BSE, in an otherwise firm market.
The National Pharmaceutical Pricing Authority (NPPA) on Wednesday fixed the price for primary knee replacement of titanium alloy at Rs 38,740 while the price for revision knee replacement of any material was pegged at Rs 62,770.
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Click here for more details
3:07 PM
Oil Check
Oil prices steadied on Thursday after US data showed a big fall in crude stockpiles but also an increase in production, taking US crude output to its highest in more than two years.
Brent crude was unchanged at $50.27 a barrel while US light crude was 5 cents lower at $46.73.
Both benchmarks fell more than 1% on Wednesday.
Energy Information Administration (EIA) data showed commercial US crude stocks have fallen by almost 13% from their peaks in March to 466.5 million barrels. Stocks are now lower than in 2016.
3:01 PM
GMR Infra zooms
GMR Infra zoomed nearly 19% intraday on Thursday after a Supreme Court upheld a ruling of the Delhi High Court that allowed Delhi International Airport Ltd (DIAL), a unit of GMR Group, to put airport land to commercial use for non-aeronautical purposes.
GMR Infra zoomed nearly 19% intraday on Thursday after a Supreme Court upheld a ruling of the Delhi High Court that allowed Delhi International Airport Ltd (DIAL), a unit of GMR Group, to put airport land to commercial use for non-aeronautical purposes.
2:45 PM
The Nifty PSU Bank index, which has lost nearly 9% since India's central bank announced its decision to cut repo rate, erased morning gains to trade in red in afternoon trade. The index was down 0.3% dragged by losses in Bank of India, SBI, Punjab National Bank and Canara Bank.
Source: NSE
2:25 PM
Europe check
European shares edged lower in early deals on Thursday, set to break their three-day winning streak as banks fell following a set of cautious minutes from the US Federal Reserve, and energy stocks also weighed.
The pan-European STOXX 600 index was down 0.3%, as were euro zone blue chips.
Britain's FTSE 100 fell 0.2%, while Germany's DAX was 0.1% weaker.
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First Published: Aug 17 2017 | 3:31 PM IST
