Sensex ends 80 points below; bank, IT stock carryover
MUMBAI: The BSE reference sensex on Thursday ended 80 points below, as losses in bank and IT counters denied the rebound of automatic counters.
After increasing more than 174 points in the initial session, the 30-share index failed to maintain momentum and gave up all gains to finish 80.32 points, or 0.22 percent, to 36,644.42. It reached a maximum intraday of 36,898.99 and a minimum of 36,541.88.
The broader Nifty, on the other hand, finished 3.25 points, or 0.03 percent, higher at 10,847.90.
The main laggards in the sensex package included HDFC, ICICI Bank, TCS, HCL Tech, Kotak Bank, Asian Paints, TechM and HUL, with a drop of up to 2.67 percent.
On the other hand, Tata Motors, ONGC, Yes Bank, NTPC, Maruti, Mu0026M, Vedanta, Tata Steel and Bajaj Auto rose to 7.81 percent.
Automotive actions limited losses at both benchmarks after the Union's transport minister, Nitin Gadkari, assured the auto industry affected by the crisis as much support as possible, including the demand for GST reduction with the minister of Nirmala Sitharaman finances.
He also said that the government did not intend to ban gasoline and diesel vehicles, clearing the air after rumors spread that the move to boost electric mobility will result in the end of the road for traditional gasoline and diesel vehicles.
The market opened in green after positive global signals from Asian markets such as the withdrawal of a controversial extradition bill in Hong Kong and in support of the news that the United States and China agreed to meet in early October for another round of trade negotiations, Narendra Solanki, chief fundamental research (investment services) - said AVP stock investigation, Anand Rathi Shares u0026 Stock Brokers.
However, global positive signals failed to maintain momentum at noon, as internal sentiments became pessimistic after a cut in estimates of GDP growth by Crisil, he said, adding that the market seemed to lack direction. at the end of the day, as it expects more announcements of government policies.
By stating that the slowdown is deeper and broader than is suspected, the national rating agency Crisil cut its GDP forecast for fiscal year on Wednesday from 20 to 6.3 percent from 6.9 percent earlier.
At the sector level, the upturn was witnessed in shares of metals, automobiles, media and pharmaceuticals, while the decline was led by real estate and finance, he said.
In other parts of Asia, Hang Seng gave up all of its earnings to finish a little lower, while the Shanghai, Nikkei and Kospi composite index settled down to 2.12 percent more.
The exchanges in Europe were also negotiated with a mixed note in their respective first sessions.
The Indian rupee appreciated 23 countries (intraday) to quote at 71.88 per US dollar.
The Brent crude oil world benchmark index rose 0.23 percent to 60.84 per barrel (intraday).