1. Sensex, Nifty snap two-day gaining streak; SpiceJet soars 16%

Sensex, Nifty snap two-day gaining streak; SpiceJet soars 16%

Domestic benchmark indices BSE Sensex and NSE Nifty snapped a two-day gaining streak on Wednesday on account of profit booking in consumer durables, oil & gas, IT and telecom stocks

By: | New Delhi | Updated: September 7, 2016 5:06 PM
BSE Sensex, NSE Nifty Domestic benchmark indices BSE Sensex and NSE Nifty snapped a two-day gaining streak on Wednesday on account of profit booking in consumer durables, oil & gas, IT and telecom stocks (Photo: PTI)

Domestic benchmark indices BSE Sensex and NSE Nifty snapped a two-day gaining streak on Wednesday on account of profit booking in consumer durables, oil & gas, IT and telecom stocks amid weak global cues. Sensex closed 51.66 points, or 0.18 per cent, down at 28,926, while Nifty 50 index settled 25.05 points, or 0.28 per cent, down at 8917.95. Among the 51-components in the Nifty index, BHEL, Bank of Baroda, ONGC, State Bank of India and ICICI Bank gained 15.74 per cent, 3.30 per cent, 2.91 per cent, 2.65 per cent and 1.94 per cent, respectively. On the other hand, YES Bank, Asian Paint, GAIL, Tech Mahindra and HDFC slipped by 2.42 per cent, 2.13 per cent, 2.08 per cent, 1.89 per cent and 1.70 per cent, respectively.

However, downside in equity market was capped by the firm movement of India rupee as banks and exporters continued to sell US dollar on Wednesday. The American currency dropped after the economic data showed that the chances of US Federal Reserve going for a rate hike is dim.

Chandan Taparia, analyst, Anand Rathi Financial Services said, “Nifty 50 opened positive but failed to continue its momentum and traded in a range with profit booking decline.”

Vinod Nair, head of research, Geojit BNP Paribas Financial Services said, “Market oscillated between gains and losses and ended with minor loss due to profit booking ahead of the ECB meet on Thursday which could provide clues on global liquidity. In the domestic market the concern is catching up that valuation is high with a fear whether to participate further in the near-term.”

Among sectoral indices on BSE, capital goods topped by climbing 1.21 per cent followed by metal 1.06 per cent, realty 0.96 per cent, power 0.66 per cent and auto 0.16 per cent.

In a scrip specific development, BHEL shares surged after the company reported a 54.21 per cent jump in net profit at Rs 77.77 crore in April-June period mainly because of positive topline growth after three-and-a-half years. SpiceJet shares soared nearly 16 per cent after the aviation major reported more than 100 per cent year-on-year rise in net profit at Rs 149.03 crore for the quarter ended June 30, 2016.

Asian peers ended mostly in red on Wedensday. Hang Seng and Nikkei closed lower by 0.19 per cent and 0.41 per cent, respectively. On the other hand, Shanghai settled higher by 0.04 per cent.

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