Wall Street upsurge, earnings optimism fail to cheer Sensex, Nifty stays below 9,900

By: | Published: July 20, 2017 4:32 PM

The domestic market closed slightly lower on Thursday despite the earnings boost and positive global cues, as yesterday Wall Street stocks hit a fresh record high. BSE Sensex somehow managed to close above 31,900 but closed down after giving away 50 points.

The 30-share barometer ended down 0.16% at 31,904.4 points while the broader Nifty 50 again settled below 9,900 level, down 0.27% at 9,873.3 points. (Image: NSE)

The domestic market closed slightly lower on Thursday despite the earnings boost and positive global cues, as yesterday Wall Street stocks hit a fresh record high. BSE Sensex somehow managed to close above 31,900 but closed down after giving away 50 points and NSE Nifty ended below 9,900 with 32 out of 50 scrips ending in the red. Indian stock markets today opened marginally higher after the Union Cabinet approved the ONGC-HPCL merger.

The 30-share barometer ended down 0.16% at 31,904.4 points while the broader Nifty 50 again settled below 9,900 level, down 0.27% at 9,873.3 points. The benchmark Sensex remained under pressure in the late trade with 22 scrips ending in the red. The shares of heavyweight blue-chip companies which are scheduled for the earnings announcement also closed lower.

Shares of third-largest private sector lender Kotak Mahindra Bank ended down 1.44% at Rs 980.4, though the shares jumped 2.4% to the day’s high of Rs 1019.4 after the lender posted a 23.1% increase in standalone net profit at Rs 912.73 crore for the April-June quarter. The shares of leading automaker Bajaj Auto also closed down 0.22% at Rs 2,818,65 after the company today reported 19.51% decline in consolidated net profit to Rs 836.79 crore for the June quarter of current fiscal, on account of lower sales.

Reliance Industries and Wipro shares ended in red down 0.31% at Rs 1528.7 and 0.83% at Rs 269 respectively ahead of their first quarter earnings which are set to be announced later today. The shares ONGC ended higher on the merger approval, up 1.75% at Rs 165.9 while HPCL tripped 4.34% to close down at Rs 367.35.

The sectoral indices mostly ended in red with Nifty PSU Bank (down 1.16%), Nifty Pharma (down 0.92%), Nifty Metal (down 0,92%), Nifty IT (down 0.88%), Nifty FMCG (down 0.59%), Nifty Media (down 0.58%), Nifty Auto (down 0.47%). However, Nifty Bank ended in green up 0.25% at 24,213.15 points, it also hit a fresh record high in the morning trade of 24,299.6 points, Nifty Realty, Pvt Bank and Fin Service too ended in green with gains up to 0.42%.

Foreign Portfolio Investors equity investments stood at Rs 1,016.88 crore at the end of the day while the debt investments were at Rs 835.56 crore as per the data released by the NSDL (National Securities Depository Limited).

Earlier yesterday Wall Street stocks spiked to fresh records on higher oil prices, better-than-expected housing data and mostly solid earnings reports. All the three major US stock indices finished at new records, with the Dow Jones Industrial Average rising 0.3% to 21,640.75 points. The S&P 500 gained 0.5% to end at 2,473.83 points, while the technology-rich Nasdaq advanced 0.6% to close at 6,385.04 points.

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