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  1. Sensex settles at 31,600 in a range bound trade; ONGC tops, HUL bleeds

Sensex settles at 31,600 in a range bound trade; ONGC tops, HUL bleeds

Sensex and Nifty closed in red on Tuesday after trading range bound since today morning. BSE Sensex ended down 27 points at 31,599.76 points after shuttling between 31,693 - 31,455 points.

By: | Published: September 26, 2017 3:48 PM
ONGC shares were the biggest gainer on both the benchmark indices, advanced 4.43% to the day’s high of Rs 171.75 before closing up 3.5% at Rs 170.2 on BSE. (Image: Wikimedia Commons)

Sensex and Nifty closed in red on Tuesday after trading range bound since today morning. BSE Sensex ended down 27 points at 31,599.76 points after shuttling between 31,693 – 31,455 points. NSE Nifty settled 1 point lower at 9,871.5 points. The sell-off in the blue-chip shares Hindustan Unilever, TCS, and HDFC Bank dragged the key indices into negative territory.

ONGC shares were the biggest gainer on both the benchmark indices, advanced 4.43% to the day’s high of Rs 171.75 before closing up 3.5% at Rs 170.2 on BSE. Other gainers include Axis Bank (up 2.23%), Tata Steel (up 1.74%), Lupin (up 1.3%), Coal India (up 1.2%), Hero MotoCorp (up 1.4%). While the shares of Hindustan Unilever (down 2.76%), Asian Paints (down 2.3%), Dr Reddy’s (down 2.34%), Mahindra & Mahindra (down 1%), and TCS (down 1.5%) were the top losers on the BSE Sensex.

The stocks of Axis Bank, ONGC, ICICI Bank, Infosys, and Tata Steel contributed the most to the Sensex upsurge. Collectively these four shares added about 61 points to the index gains whereas shares of Hindustan Unilever, HDFC Bank, HDFC, and TCS, Asian Paints, Reliance Industries capped the gains by washing off around 120 points. Index heavyweights HDFC Bank and Housing Development Finance Corporation were down for a sixth and third straight session respectively.

“Markets showed stability after two days of bearish activity, indices recovered from the lows of the day to end the session flat. The Rupee hit a six month low on impending growth worries. Crude prices have rallied in the near past adding to the impending worries, this in culmination with geopolitical tensions across the globe are causing additional stress on the markets. We foresee range bound activity in the near term with support at the 9,750 levels and resistance above 10,150,” said Nikhil Kamath, Co-Founder and Head of Trading, Zerodha.

Sensex and Nifty opened slightly higher on Tuesday but soon swung into losses in the late morning trade. BSE Sensex lost as much as 171 points to hit a day’s low of 31,455.65 points and NSE Nifty 50 shed 60 points to mark a day’s low of 9,813 points. North Korea’s foreign minister said on Monday that a weekend tweet by President Donald Trump counted as a declaration of war on North Korea and that Pyongyang reserved the right to take countermeasures, including shooting down US bombers even if they are not in its airspace, Reuters reported.

Indian stock markets plunged heavily on Friday on a possibility that North Korea may conduct another hydrogen bomb test, this time in the Pacific Ocean. The benchmark Sensex shed 484 points to mark the day’s low of 31,886.09 points which is its biggest fall since 15 November 2016 — demonetisation period. The broader Nifty 50 index also fell, lost as much as 169 points to fell below 10,000 mark to 9,952.8 points.

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