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Jan 03, 2018 04:02 PM IST | Source: Moneycontrol.com

Last hour selloff pushes Sensex, Nifty to end flat; midcaps outperform benchmarks

At the close of market hours, the Sensex was down 18.88 points or 0.06% at 33793.38, and the Nifty ended higher by 1.00 points or 0.01% at 10443.20.

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A selloff in the last hour of trade led to benchmark indices giving up all their gains and ending on a flat note, with the Nifty closing below 10,450-mark.

It was a steady day of trade otherwise, with the Sensex’s intraday gain being almost 185 points, while the Nifty was almost on the verge of reclaiming 10,500.

At the close of market hours, the Sensex was down 18.88 points or 0.06% at 33793.38, and the Nifty ended higher by 1.00 points or 0.01% at 10443.20. The market breadth was positive as 1901 shares advanced, against a decline of 980 shares, while 510 shares were unchanged.

Adani Ports, L&T and ICICI Bank were the top gainers, while Dr Reddy’s and Wipro lost the most on both indices.

Midcaps witnessed a good day, as the Nifty Midcap index closing around a percent lower, the Nifty metal index was up over one percent. The Nifty Bank ended slightly lower as financials dragged. HDFC Bank was a major loser on indices.

“Benchmark equity indices opened on a positive note following gains in their US counterparts. However, they pared some of their gains and ended the session on a flat note weighed by profit booking in shares of automobile and healthcare companies,” Karthikraj Lakshmanan, Senior Fund Manager – Equities, BNP Paribas Mutual Fund said in a statement.

In precious metals, Silver recovered by Rs 140 to Rs 39,850 per kg at the bullion market today on mild demand from consuming industries.

Gold remained flat at Rs 30,450 per 10 gram in scattered deals even as it weakened overseas. Traders attributed the rise in silver price to scattered demand from industrial units and coin makers at the domestic spot market. Globally, gold fell 0.33 per cent to USD 1,312.80 an ounce and silver by 0.64 per cent to USD 17.04 an ounce in Singapore.

Among stocks, investors in shares of Reliance Industries cheered the commissioning of the world’s largest refinery off-gas cracker complex at Jamnagar. The stock was higher by around 2 percent intraday and ended half a percent higher.

Shares of Aarti Drugs surged 10 percent on the back of a buyback proposal.

Orient Green Power Company ended 20 percent on the divestment of subsidiaries.

Dr Reddy’s Laboratories fell over 4.5 percent intraday and ended 3 percent lower as investors reacted to the receipt of establishment inspection report (EIR).

Shares of Dixon Technologies ended 2 percent higher as it started manufacturing of CCTVs and DVRs.

Ventura Securities has re-initiated coverage with Buy call on Sagar Cement and set a target price at Rs 1,715, implying a potential upside of 89 percent over 24 months. The stock ended 11 percent higher.

Goldman Sachs has initiated Neutral call on Tata Steel as it feels positives have been fairly priced in. The stock ended over half a percent higher.
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