Sensex trades dull ahead of GDP data release, Reliance Industries, Wipro lead; Rupee falls

By: |
Updated: August 31, 2017 10:07:33 AM

Indian market opened marginally higher on Wednesday tracking a positive closing on Wall Street but soon fell into negative territory ahead of GDP data release which is scheduled for later today

The 30-share indicator Sensex was trading 0.19% lower at 31,587.36 points and the broader Nifty 50 was trading down 0.14% at 9,870.4 points. (Image: PTI)

Indian market opened marginally higher on Wednesday tracking a positive closing on Wall Street but soon fell into negative territory ahead of GDP data release which is scheduled for later today. BSE Sensex gained 39 points to open at 31,685.44 while NSE Nifty advanced 21 points to open at 9,905.7 points. The buying in the blue-chip shares of Reliance Industries, Wipro supported the benchmark indices. But within minutes of trading equities reversed all the morning gains, with the major indicators falling nearly 0.1% each. The release of GDP growth rate for the second quarter, government budget value for the month of July and Infrastructure output data and future and options expiry are among several factors which will weigh on the Indian markets today.

Reliance Industries was the top gainer on the 30-share barometer, rose as much as 1.35% to Rs 1,585.35 after the oil-to-telecom conglomerate yesterday said it will make an offer for issuing non-convertible debentures (NCDs) worth Rs 2,500 crore next week. Shares of India’s third-largest software services firm Wipro advanced 1.41% to Rs 295.75 as yesterday its shareholders have approved the company’s Rs 11,000-crore buyback proposal. The Bengaluru-based company has fixed 15 September as the record date for the buyback offer.

Shares of the heavyweight companies Infosys, HDFC, HDFC Bank, ICICI Bank, Kotak Mahindra Bank, ITC, and NTPC contributed the most to the decline in the benchmark Sensex. Collectively these stocks washed off around 78 points in the index drop. The 30-share indicator Sensex was trading 0.19% lower at 31,587.36 points and the broader Nifty 50 was trading down 0.14% at 9,870.4 points.

The rupee depreciated by 5 paise to 64.06 against the US dollar in early trade today on month-end demand for the American currency from importers and banks. Shares of NTPC were the biggest loser on BSE Sensex, sank 1.55% to Rs 165.4 after the company yesterday said it has signed a term loan agreement for Rs 3,000 crore with ICICI Bank for partially funding its capital expenditure.

US stocks rose on Wednesday after stronger-than-expected US economic growth outweighed concerns about escalating tensions between the United States and North Korea and uncertainty in the aftermath of Hurricane Harvey. The Dow Jones Industrial Average rose 0.12% to end at 21,892.43 points, the S&P 500 gained 0.46% to 2,457.59 points and the Nasdaq Composite added 1.05% to 6,368.31 points.

Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Switch to Hindi Edition