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Rediff.com  » Business » Sensex, Nifty notch fresh closing highs for the 3rd straight session

Sensex, Nifty notch fresh closing highs for the 3rd straight session

May 17, 2017 17:19 IST

Broader market underperformed with the BSE Midcap and the BSE Smallcap indices losing up to 0.2%

The benchmark indices ended at record closing highs on Wednesday for the third straight session thanks to gains in index heavyweights such as Tata Steel, Tata Motors and ICICI Bank. However, negative trend seen in global markets, amid ongoing political uncertainty in the US, capped the gains.

The S&P BSE Sensex settled at 30,658, up 76 points, while the broader Nifty50 ended at 9,525, up 13 points.

In intraday trade, the 30-share Sensex gained as much as 110 points to hit its fresh record high of 30,692, while the 50-share Nifty added 20 points to notch its all-time high of 9,532.

In the broader market, the S&P BSE Midcap index ended little changed, while the S&P BSE Smallcap index lost 0.2%.

The market breadth, indicating the overall health of the market, remained negative. On the BSE, 1,538 shares fell and 1,257 shares rose. A total of 177 shares were unchanged.

"Market continued to set new high but lacked strength on the upside due to worries about US political turmoil. Investors are gearing up for the start of the two-day GST council meet, which begins tomorrow, for getting clarity on rates and products category. The continued buying from FII and announcement of good quarter results is keeping a positive vibe in the market," said Vinod Nair, Head of Research at Geojit Financial Services.

Sectors and stocks

Tata Steel rose 7.7% to Rs 492 on the BSE after the company's quarterly loss narrowed, while it also agreed to the main terms of a deal for a pension scheme for its British workers. The stock was the best performer on Sensex and Nifty both.

Sobha surged 9% to Rs 448, also its 52-week high on BSE, after the company reported 68% jump in its consolidated net profit at Rs 46.6 crore for the quarter ended March 2017 (Q4FY17). The real estate developer had logged profit of Rs 27.7 crore in the same quarter last year. The stock settled at Rs 423, up nearly 3%.

Dhanlaxmi Bank soared to its highest since December 2014 after posting a profit in its March quarter from a loss a year ago. The scrip settled at Rs 42, up 4.7% on the BSE.

Among the decliners, Andhra Bank fell over 4% to Rs 67 after reporting a 32% drop in profit in the March quarter.

Global markets

European markets opened lower following political turmoil in Washington. The pan-European Stoxx 600 was down 0.3%. Germany's DAX, France CAC 40 dipped 0.3% and 0.5%, respectively, while Britain's FTSE 100 was little changed.

Among Asian markets, China's Shanghai Composite, Hong Kong's Hang Seng index Japan's Nikkei dropped 0.3%, 0.5% and 0.2%, respectively.

Meanwhile, S&P 500 mini futures, the world's most liquid stock futures, dropped 0.5% to 2,385.

Photograph: Danish Siddiqui/Reuters

SI Reporter in New Delhi
Source: