1. Sensex turns gloomy after opening strong; Maruti Suzuki leads, Sun Pharma drags

Sensex turns gloomy after opening strong; Maruti Suzuki leads, Sun Pharma drags

Sensex and Nifty opened higher on Tuesday, snapping the dull trade since Friday last week but later pared off early morning gains and fell into the red.

By: | Published: September 27, 2017 9:49 AM
In the wee minutes of trading, the 30-share barometer Sensex lost about 35 points to hit a low of 31,565.81 points. (Image: BSE)

Sensex and Nifty opened higher on Tuesday, snapping the dull trade since Friday last week. BSE Sensex gained 185 points to open at 31,678.94 points and NSE Nifty added 49 points to start at 9,920.6 points. Within minutes of trading both the key indices pared most of the opening gains, the benchmark Sensex tossed 31,797.46 – 31,568.81 points while the broader Nifty 50 made a low of 9,858.45 points. In the wee minutes of trading, the 30-share barometer Sensex lost about 35 points to hit a low of 31,565.81 points.

Meanwhile, the US dollar climbed to a one-month high and bond yields rose on Wednesday as risks grew for a US interest rate hike in December, while Asian stocks hovered near multi-week lows as tensions in the Korean peninsula remain elevated.

Shares of Maruti Suzuki (up 0.75%), HDFC Bank (up 0.42%), TCS (up 0.6%), Hero MotoCorp (up 0.64%), Power Grid (up 0.7%), and Bajaj Auto (up 0.6%) were the top gainers on Sensex whereas Sun Pharma (down 2%), Adani Ports (down 1.5%), Coal India (down 1%), Hindustan Unilever (down 1%), Wipro (0.7%) loose the most on the index. The stocks of heavyweights such as HDFC Bank, Maruti Suzuki, TCS, Reliance Industries, and HDFC contributes the most to the Sensex gains. Collectively these five stocks added about 44 points to the index while shares of Sun Pharma, ICICI Bank, and Infosys capped the gains.

Total GST collection for August touched Rs 90,669 crore, against Rs 94,063 crore mopped up in the first month of the new indirect tax regime rollout. The number includes transitional credit claims of taxpayers in July which according to the government are just Rs 12,000 crore and not Rs 65,000 crore as previously claimed.

US stocks ended flat on Tuesday even as technology shares bounced from sharp losses in the prior session and comments from Fed Chair Janet Yellen boosted expectations of a December rate hike. Janet Yellen said the Federal Reserve needs to continue gradual rate hikes and it would be imprudent to leave rates on hold until inflation reached the Fed’s 2-% target. The Dow Jones Industrial Average fell 0.05% to 22,286.04 points, the S&P 500 gained 0.01% to 2,496.94 points and the Nasdaq Composite added 0.15% to 6,380.16 points.

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