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What do RBI announcements mean for common man, Indian economy amid coronavirus lockdownKey stock indices Sensex and Nifty
today took a breather as they closed with minuscule gains,
with domestic institutional investors lending crucial support.
The GST Council's last week decision to make things easy
for exporters and small and medium businesses came as a
positive move.
But market participants chose to play with care as the
earnings season for the September quarter kicks off this week,
which remains a big unknown, traders said.
Leading IT exporter Tata Consultancy Services (TCS) is
set to come out with its earnings numbers on Thursday.
The 30-share Sensex rallied to the day's high of
31,935.63, but slipped before ending up 32.67 points -- or
0.10 per cent -- at 31,846.89.
Part of the selling was an outcome of a rush to take
profit. The gauge had gained 222 points on Friday.
The NSE 50-share after reclaiming the crucial 10,000-
mark slipped back to close up 9.05 points, or 0.09 per cent,
at 9,988.75. Intra-day, hit a low of 9,959.45.
"Market gained initial momentum from the FMCG sector
against the backdrop of GST rate cut for 27 items, but
investors were reluctant to take more risk ahead of the
earning season. Upcoming IIP numbers and inflation data will
also have a crucial impact on the market, especially with the
weak growth forecasts and persisting GST hurdles," said Anand
James, Chief Market Strategist, Geojit Financial Services Ltd.
Domestic institutional investors (DIIs) stuck to their
buying behaviour, picking up shares net Rs 1,239.74 crore.
Share outflow from foreign portfolio investors (FPIs)
continued at net Rs 1,040.40 crore last Friday, showed
provisional data.
Coal India hit a home run, up 1.81 per cent -- the
biggest jumper on the Sensex list. HUL, Kotak Bank, Dr
Reddy's, Adani Ports and Tata Steel advanced by up to 1.37 per
cent.
Stocks of automakers stepped on gas, driven by buying
support on hopes of a pick-up in demand during the ongoing
festive and wedding season.
Jewellery stocks were big movers and rallied up to 5.27
per cent after the government revoked an order that mandated
PAN and Aadhaar cards for purchases above Rs 50,000.
Gitanjali Jems, PC Jeweller and Titan Company and TBZ
gained by up to 5.27 per cent.
Of the sectoral indices, BSE realty was the centre of
buying activity as the index jumped the most by gaining 2.20
per cent. Consumer durables, FMCG and IT were in the green
too.
The broader market showed a mixed movement, with BSE
small-cap rising 0.62 per cent and mid-cap dropping 0.04 per
cent.
Key shares in Asia and Europe showed up a mixed picture.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
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