1. BSE Sensex steady in holiday-thinned trade; FIIs sell for the 11th straight session

BSE Sensex steady in holiday-thinned trade; FIIs sell for the 11th straight session

Snapping its two-session losing streak, the benchmark BSE Sensex had resumed 102 points higher in early trade...

By: | Mumbai | Updated: December 26, 2014 11:55 AM
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The 30-share BSE Sensex had lost 493.18 points in the previous two sessions. (Reuters)

BSE Sensex was trading flat on Friday, giving up gains earlier in the session as investors refused to take big risks ahead of the year-end holidays, while muted sentiment across the region also weighed.

Trading volumes remained low as investor interest was subdued despite Friday being the first trading day for the new monthly derivatives contract, traders said.

Overseas investors sold Indian shares worth 28.1 billion Indian rupees ($441.55 million) on Wednesday, provisional exchange data showed.

Foreign institutional investors (FIIs)have been selling shares for the 11th straight session, totalling about $1.5 billion, exchange and regulatory data showed.

“Markets are likely to trade rangebound for the time being. People are waiting for the budget, which would be the next big trigger,” said Suresh Parmar, head, institutional equities at KJMC Capital Markets.

The benchmark BSE index was down 0.03 percent, while the broader NSE index added 0.07 percent.

State-run banks were among the gainers. State Bank of India  rose 0.8 percent, while Punjab National Bank  was trading up 1.2 percent on reforms and stake sale hopes, traders said.

Reliance Capital gained 2.1 percent after Japan’s Sumitomo Mitsui Trust Bank agreed to acquire 2.77 pct stake in the company for $58.4 million.

Consumer goods makers were among the losers. Hindustan Unilever fell 0.9 percent and ITC Ltd dropped 0.8 percent.

Shares in Gujarat State Fertilizers and Chemicals  fell 3.1 percent after the Reserve Bank of India restricted  overseas investors from buying more shares in the company.



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