April 22, 2018

Stocks trade flat for 2nd day, Fed meet holds clue

21 September 2017, 12:12 | Darrell Baldwin

Nifty hits record close; financials, autos up

Nifty hits record high in morning trade, Sensex surges 191 points

According to market observers, caution ahead of the US Federal Open Market Committee policy meet outcome Wednesday evening (India time), along with a weak rupee, hampered the risk-taking appetite of investors.

Nifty50 index was trading 7 points lower at 10,141, while the 30-share Sensex was 11 points up at 32,413 around 10.24 am (IST).

The Bombay Stock Exchange Sensex rose 191.10 points on Monday to trade at 32,463.71 at 10.30 am.

The market breadth was negative as 1288 shares advanced, against a decline of 1311 shares, while 159 shares were unchanged.

Sentiments remained upbeat for yet another session following healthy gains across Asian and a higher opening at European markets, traders said. Japanese financial markets are closed for a public holiday today.

"Indian shares were little changed on Wednesday, while market heavyweight Reliance Industries hit a record high as a cut in mobile interconnect fee is seen benefiting the company's telecom unit", said Dhruv Desai, Director and Chief Operating Officer of Tradebulls. Tata Motors fell 1.98 per cent to Rs 415.50.

EPC company, NBCC announced on September 20 that the company received order worth Rs 4,000 crore order to build a housing complex for excise department in Mumbai. On the other hand, auto index fell 0.39 per cent, metal 0.38 per cent, oil & gas 0.33 per cent and TECk 0.31 per cent.

Major Sensex losers were: Hero MotoCorp, down 2.29 per cent at Rs 3,858.10; Tata Motors, down 1.98 per cent at Rs 415.50; Sun Pharma, down 1.96 per cent at Rs 506.45; Hindustan Unilever, down 1.66 per cent at Rs 1,258.70; and Power Grid, down 1.35 per cent at Rs 212.50.

In contrast, Dr Reddy's was the leader by rising 3.33 per cent, to Rs 2,313.60, followed by Tata Steel 1.64 per cent, to Rs 687.65 on unabated buying activity.

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