Sensex Consolidates For Second Day, Nifty Settles Below 9,650

Indian shares ended flat on Wednesday as consolidation continued after the benchmark Sensex gained over 2 per cent in last one month and 7.25 per cent in last three months. Sensex shed 13.89 points to end at 31,283.64 while the benchmark Nifty closed below the crucial 9,650 level at 9,633.60, down 19.90 points or 0.20 per cent.

The BSE Sensex opened marginally lower on Wednesday tracking weakness across other Asian shares and fell as much as 104 points during the day. However, late buying in banking heavyweights like HDFC Bank, SBI and FMCG shares like Hindustan Unilever helped it recover most of the lost ground.

Sensex Consolidates For Second Day, Nifty Settles Below 9,650

FMCG shares were the biggest gainers today with the Nifty FMCG sub-index rising 0.77 per cent. Hindustan Unilever was the top gainer in Nifty, up 2.78 per cent followed by Kotak Mahindra Bank, Maruti Suzuki, Sun Pharma, HDFC Bank, which gained between 0.7-0.9 per cent.

Meanwhile, metal stocks witnessed maximum selling pressure today with the Nifty Metal sub-index falling 1.17 per cent.

Among Nifty stocks, Hindalco Industries was the top loser, down 2.69 per cent. ONGC, Tata Motors, Bosch, Gail India and Lupin were the other prominent losers in the index, which fell between 1.5-2.55 per cent.


Sensex Ends Flat, Nifty Settles Above 9,650

Indian shares ended flat on Tuesday as gains in IT stocks were offset by losses FMCG and banking shares. The Sensex closed 14.04 points or 0.04 per cent lower at 31,297.53, while Nifty settled above the crucial 9,650 mark at 9,653.5, down 4 points. Shares of information technology companies including Infosys Ltd jumped tracking an overnight rebound in U.S. technology stocks.

“The Indian IT sector is mostly trading at fairly good valuations at the moment, specifically in the mid-cap space,” said Amit Chandra, senior manager and research analyst at HDFC Securities.

Short-term triggers such as bonus and share buybacks due from companies such as Wipro Ltd are also boosting overall sentiment in the sector, he added.

Sensex Ends Flat, Nifty Settles Above 9,650

The Nifty IT sub-index closed 0.90 per cent higher led by Infosys, which settled 1.47 per cent higher. HCL Tech, Tech Mahindra and TCS also rose between 0.5-1.4 per cent.

Among mid-caps, Mindtree Ltd gained as much as 1.8 per cent before settling 0.74 per cent higher.
However, weakness in banking stocks like HDFC Bank, Bank of Baroda, Kotak Mahindra Bank, HDFC and Axis Bank, which fell between 0.35-1.5 per cent, offset losses made by IT stocks. The Nifty Bank sub-index closed 0.18 per cent lower.

Among Nifty stocks, Tata power was the top gainer, up 5.18 per cent. Tata Motors, Tata Motors DVR, ONGC and Cipla were the other major gainers in the Nifty.

Meanwhile, Power Grid was the top loser in Nifty, down 1.93 per cent followed by Eicher Motors and Lupin, which fell 1.85 per cent and 1.66 per cent respectively.