Sensex ends leveled in a dull trade, rally in heavyweights fail to gather steam

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Published: September 7, 2017 4:35:42 PM

Sensex and Nifty ended almost flat after trading below the opening level through the day in a volatile market activity.

Shares of Mahindra & Mahindra (up 2.02%), Bajaj Auto (up 1.37%), Dr Reddy’s (up 1.24%), Sun Pharma (up 1.06%), Hero MotoCorp (up 0.99%) were the major gainers on Sensex. (Image: BSE)

Sensex and Nifty ended almost flat on Thursday after opening up marginally higher. Indian stock markets traded below the opening level through the day in a volatile trade and profit-booking by the market participants led the Sensex to close leveled at 31,662.74 points. However, the broader Nifty 50 settled 0.14% higher at 9,929.9 points. The benchmark Sensex had opened higher at 31,738.74 and scaled the day’s high of 31,814.96 in early trade, taking positive leads from Asian markets.

Shares of Mahindra & Mahindra (up 2.02%), Bajaj Auto (up 1.37%), Dr Reddy’s (up 1.24%), Sun Pharma (up 1.06%), Hero MotoCorp (up 0.99%) were the major gainers on Sensex. The stock of heavyweight companies such as HDFC Bank, Mahindra & Mahindra, L&T, Maruti Suzuki, HDFC, and Bajaj Auto contributed the most to the index gains but a slump in shares of other blue-chips — ITC, ICICI Bank, Reliance Industries, Tata Motors and Bharti Airtel offset all the gains. Emergence of profit-booking dragged the index to a low of 31,620.44 later before settling with a marginal rise of 0.77
a point, at 31,662.74.

However, this muted trade didn’t stop some of the blue-chip companies from making new records, and some others from nearing the old ones. Five blue-chip stocks of Nifty 50 which made new all-time highs today despite a dull trade. Interestingly, three other companies on the Nifty index hit their respective 52-week highs. Reliance Industries shares were the first one on Nifty 50 to hit a lifetime high today after the oil-to-telecom conglomerate’s Chairman and MD Mukesh Ambani said that Reliance Jio had crossed 130 million customers mark in one year of its operations. The stock of RIL rose as much as 1.19% to the record high of Rs 832.5.

Shares of Indiabulls Housing Finance also jumped to a lifetime high after leading research and brokerage firm CLSA raised the target price of the company to Rs 1,500 from Rs 1,380. The stock of private sector home financier’s stock rose as much as 4.4% to Rs 1,320 on NSE today. Shares of one of the popular private sector lender IndusInd Bank gained 4.02% to a lifetime high of Rs 1,715.15. Shares of the India’s largest automaker Maruti Suzuki advanced 1.3% to a lifetime high of Rs 7,949

The 30-share barometer had lost 147.86 points in the previous session. The rupee offered some relief, trading higher by 12 paise at 63.98 (intra-day) against the dollar at the forex market. Meanwhile, the European stocks inched higher on Thursday, as markets waited to hear just how close the European Central Bank is to scaling back its more than 2 trillion euro ($2.75 trillion) stimulus programme.

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