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Sensex gains for the 4th day, SBI, Axis Bank weigh
Clean Media Correspondent
Mumbai, Sept 10 (CMC) Indian markets closed in the green after a dull session Monday. The BSE Sensex gained 17 points or 0.1 per cent at 17,767 while the Nifty advanced 5 points to 5,363.
Despite lacklustre trade, markets managed to end higher for the fourth straight day. The Sensex moved in 80 point band while the Nifty traded in a 25 point range.
Analysts said markets needed time to consolidate before the next move. The Nifty has surged over 100 points in the last two days after the European Central Bank (ECB) announced unlimited short-term bond buying plan to support the debt laden economies in Italy and Spain.
Banking and realty stocks saw profit booking. Metal, consumer durables, and healthcare stocks saw buying interest.
On the Nifty, 27 of the 50 stocks closed higher. Bharti Airtel, India's biggest mobile-carrier was the top Nifty gainer, rising 2.5 per cent on hopes that the company will file an IPO for its tower arm as early as this week.
Drug maker Sun Pharma, up 2.5 per cent and state-run Coal India, up 1.7 per cent, were the other big Nifty gainers. Tata Steel advanced 1.7 per cent after an upgrade by investment bank Citi.
Infosys, India's second largest software services exporter, closed 0.7 per cent higher. The company has agreed to acquire global management consultancy firm Lodestone in an all-cash deal. Lodestone is a key player in the SAP domain and has in-depth experience of transformational change.
"It is good news as far as Infosys shareholders are concerned. The markets wanted the company to do something with the large cash they had on their books," Bhavin Shah of Equirus securities said.
Private lender Axis Bank was the top Nifty loser, down 2.6 per cent.
"We are witnessing large amount of portfolio churn in the counter. Some of the long term investors are reducing their weightage in Axis Bank and moving to larger PSU banks that have corrected sharply," Phani Sekhar, fund manager (PMS) at Angel Broking said.
Private steel maker JSPL closed 2.2 per cent lower. The stock has been under pressure since a CAG report on coal named the company as a beneficiary of cheap coal allocation. State-run heavy equipment maker BHEL also ended 2.2 per cent. The stock has been under huge selling pressure on account of declining visibility in new orders.
State Bank of India saw profit booking and ended 2 per cent lower.
EIH Limited was the most traded stock on BSE 500 on account of a block deal. It closed 3.6 per cent higher.
The market breadth turned negative by close, with only 49 per cent stocks managing to advance on the broader BSE 500.
Global markets were also subdued today. Japan's Nikkei index ended flat, while European stocks traded flat to negative.
Sensex gains for the 4th day, SBI, Axis Bank weigh
Clean Media Correspondent
Mumbai, Sept 10 (CMC) Indian markets closed in the green after a dull session Monday. The BSE Sensex gained 17 points or 0.1 per cent at 17,767 while the Nifty advanced 5 points to 5,363.
Despite lacklustre trade, markets managed to end higher for the fourth straight day. The Sensex moved in 80 point band while the Nifty traded in a 25 point range.
Analysts said markets needed time to consolidate before the next move. The Nifty has surged over 100 points in the last two days after the European Central Bank (ECB) announced unlimited short-term bond buying plan to support the debt laden economies in Italy and Spain.
Banking and realty stocks saw profit booking. Metal, consumer durables, and healthcare stocks saw buying interest.
On the Nifty, 27 of the 50 stocks closed higher. Bharti Airtel, India's biggest mobile-carrier was the top Nifty gainer, rising 2.5 per cent on hopes that the company will file an IPO for its tower arm as early as this week.
Drug maker Sun Pharma, up 2.5 per cent and state-run Coal India, up 1.7 per cent, were the other big Nifty gainers. Tata Steel advanced 1.7 per cent after an upgrade by investment bank Citi.
Infosys, India's second largest software services exporter, closed 0.7 per cent higher. The company has agreed to acquire global management consultancy firm Lodestone in an all-cash deal. Lodestone is a key player in the SAP domain and has in-depth experience of transformational change.
"It is good news as far as Infosys shareholders are concerned. The markets wanted the company to do something with the large cash they had on their books," Bhavin Shah of Equirus securities said.
Private lender Axis Bank was the top Nifty loser, down 2.6 per cent.
"We are witnessing large amount of portfolio churn in the counter. Some of the long term investors are reducing their weightage in Axis Bank and moving to larger PSU banks that have corrected sharply," Phani Sekhar, fund manager (PMS) at Angel Broking said.
Private steel maker JSPL closed 2.2 per cent lower. The stock has been under pressure since a CAG report on coal named the company as a beneficiary of cheap coal allocation. State-run heavy equipment maker BHEL also ended 2.2 per cent. The stock has been under huge selling pressure on account of declining visibility in new orders.
State Bank of India saw profit booking and ended 2 per cent lower.
EIH Limited was the most traded stock on BSE 500 on account of a block deal. It closed 3.6 per cent higher.
The market breadth turned negative by close, with only 49 per cent stocks managing to advance on the broader BSE 500.
Global markets were also subdued today. Japan's Nikkei index ended flat, while European stocks traded flat to negative.
Sensex has to gain at any cost to buildup confidence in the Indian Market!
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