Markets extend winning run for 5th day; macro data eyed
Mumbai: Markets finished with modest gains in see-saw trade today as investors took comfort from ADB's optimistic growth projections for India amid US and China toning down their trade rhetoric.
The 30-share Sensex gained 60 points to 33,940.44, while the broader NSE Nifty finished at 10,417.15, up 14.90 points.
This was the fifth straight session of gains for the key indices.
Sustained buying by domestic institutional investors (DIIs) and a mixed trend at other Asian bourses following overnight gains at the Wall Street helped key indices close in the positive zone, brokers said.
Investors are now focusing on key macroeconomic data, including retail inflation and industrial production numbers due tomorrow and corporate results starting Friday, they added.
Meanwhile, the Asian Development Bank (ADB) said India's economic growth will rise to 7.3 per cent this fiscal and further to 7.6 per cent in the next financial year, retaining the fastest-growing Asian economy tag, on the back of GST and banking reforms.
On the global front, US President Donald Trump welcomed his Chinese counterpart Xi Jinping's pledge to open up the world's second largest economy, even as the White House ruled out reversing the 25 per cent import tariffs on Chinese products, saying America wants "concrete actions" from Beijing.
The Sensex resumed higher and advanced to 33,981.54, but soon slipped on profit-taking to touch a low of 33,750.74, before settling up 60.19 points, or 0.18 per cent, at 33,940.44.
The gauge had gained 861.18 points in the previous four sessions.
The NSE 50-share index, after shuttling between 10,428.15 and 10,355.60 on alternate bouts of buying and selling, finally concluded at 10,417.15, up 14.90 points, or 0.14 per cent.
DIIs were net buyers as they bought shares worth Rs 653.65 crore yesterday, while foreign portfolio investors (FPIs) sold to the tune of Rs 684.99 crore, provisional data showed.
"Market extended a range-bound movement due to subdued trade in global market owing to concern on US military strike on Syria.
"Consequently, crude price surged while domestic 10 year yield rose adding risk to widening current account deficit. Participants are awaiting key CPI inflation and IIP data...," said Vinod Nair, Head of Research, Geojit Financial Services.
TCS was the top gainer in the Sensex pack, climbing 2.85 per cent, followed by Sun Pharma at 2.50 per cent.
Other gainers were HUL, Reliance Industries, M&M, Kotak Bank, Hero MotoCorp, Tata Steel, ONGC, Infosys, Coal India, IndusInd Bank, Tata Motors and Maruti Suzuki.
However, Adani Ports, SBI, Yes Bank, ICICI Bank, Axis Bank and Dr Reddy's ended in the red.
Among BSE sectoral indices, metal index topped the table by rising 1.62 per cent, followed by IT 1.36 per cent, teck 1.19 per cent, consumer durables 1.02 per cent, auto 0.51 per cent, healthcare 0.44 per cent, capital goods 0.17 per cent and FMCG 0.08 per cent.
In contrast, oil and gas, PSU, bankex and realty ended with losses.
Coming to the broader markets, the BSE small-cap index rose 0.20 per cent, while mid-cap declined 0.19 per cent.
Asian shares ended mixed following overnight gains at the US market as fears of a China-US trade war eased.
European bourses, however, opened lower.
Globally, in the Asian region, Hong Kong's Hang Seng rose 0.55 per cent, while Shanghai Composite Index inched up 0.56 per cent. Japan's Nikkei ended 0.49 per cent lower.
In Europe, Frankfurt's DAX fell 0.33 per cent, Paris CAC went declined 0.31 per cent and London's FTSE too shed 0.07 per cent.
The remark came in the wake of an interview Zarif gave to US' CBS TV news.
China said it welcomed plans by top US officials to visit the country to discuss trade.
Bloomberg, in a CBS interview, said he hopes by next year Trump will have changed his mind.
CPI(M) will not have a political alliance with Congress but an "understanding" inside and outside Parliament to stop the forces of communalism, Sitaram Yechury said.
China has agreed to resume sharing of hydrological data of the Brahmaputra and Sutlej rivers, External Affairs Minister Sushma Swaraj said.
Fugitive Indian diamond merchant Jatin Mehta asked the Indian government to reconsider his case after he got favourable judgments from international courts in Sharjah.
Worried his arrest is imminent, Nirav Modi has started selling off some of his international assets.
The US Attorney's Office in New York has filed federal terrorism charges against a bombing suspect who was accused of detonating a pipe bomb.
The embattled liquor baron Vijay Mallya once again offered to settle his Rs 9,000 crore debt with lenders.