Late buying lifts Sensex, Nifty in sluggish trading

Mumbai: Profit booking coupled with disappointing quarterly results and negative global cues on Tuesday subdued the Indian equity markets. However, value buying during the final stages of the day’s trade partially lifted the key indices to close on a flat-to-positive note. The wider NSE Nifty inched up by 19.85 points or 0.23 per cent to 8,528.55 points.

The barometer 30-scrip Sensex closed at 27,787.62 points up 40.96 points or 0.15 per cent from the previous close at 27,746.66 points.
Opened at 27,795 points, Sensex touched a high of 27,826.69 points and a low of 27,637.98 points during the intra-day trade. On the other hand, the BSE market breadth was marginally tilted in favour of the bears with 1,444 declines and 1,224 advances.

On Monday, the benchmark indices were buoyed by expectations of robust quarterly results. The barometer index was up 73.14 points or 0.26 per cent, while the Nifty edged up by 18.25 points or 0.21 per cent.

HUL’s quarterly results discouraged investors. After the company reported lower-than-expected net sales growth of 3.56 per cent for April-June quarter, shares of FMCG major HUL fell for a second straight session down over three per cent. It had lost 2 per cent in the previous session.

HUL’s quarterly results discouraged investors. After the company reported lower-than-expected net sales growth of 3.56 per cent for April-June quarter, shares of FMCG major HUL fell for a second straight session down over three per cent. It had lost 2 per cent in the previous session. The stock fell 3.36 per cent to Rs 889.50 on BSE. At NSE, shares of the company lost 3.57 per cent to Rs 889.

Meanwhile, rupee was steady at 67.20 against the US dollar after paring its initial gains against the American currency in late morning deals on bouts of dollar demand from importers and banks amid largely flat domestic equities. The domestic unit opened lower at 67.23 as against Monday’s closing level of 67.20 at the Inter-bank Foreign Exchange (Forex) market.

Meanwhile, rupee was steady at 67.20 against the US dollar from Monday’s closing level of 67.20 at the Inter-bank Foreign Exchange (Forex) market. Rupee pared its initial gains against the American currency on bouts of dollar demand from importers and banks amid largely flat domestic equities.

Later it rose to 67.15 on bouts of dollar selling by exporters, before quoting back against at its yesterday’s closing level of Rs 67.20. The domestic unit hovered in a range of Rs 67.23 and 67.15 before during morning deals. Meanwhile, the dollar index was trading higher by 0.02 per cent at 96.57 against a basket of six currencies in the early trade.

Overseas, the US dollar was mostly mixed against its major rivals in early Asian trade. While yen hovered near 3-1/2-week lows amid combination of growing expectations of monetary easing by the Bank of Japan, a broad recovery in risk appetite and speculation about M&A-related yen-selling.

Source: IANS/ PTI