Sensex, Nifty Edge Lower On Weak Asian Cues

04 August, 2017, 01:09 | Author: Becky Perry
  • Sensex, Nifty Edge Lower On Weak Asian Cues

Stock markets moved down for the second session on Thursday as the Sensex ended with a loss of 239 points after banking, realty and auto stocks struggled owing to concerns over direction of the monetary policy.

The benchmark BSE Sensex was down 90 points or 0.28 percent at 32,386 in early trade after closing modestly lower the previous day. Punjab National Bank, Axis Bank and State Bank of India.

The Reserve Bank of India in its third bi-monthly monetary policy review of 2017-18 on Wednesday lowered the repurchase and reverse repurchase rate by 25 basis points.

In terms of the broader markets, the S&P BSE mid-cap index was down 0.30 per cent, while the small-cap index was a tad down by 0.07 per cent.

The NSE Nifty rose by 37.55 points, or 0.37 per cent, to close at a new high of 10,114.65 points, after touching a fresh intra-day high of 10,128.60 points.

Market breadth was in the favour of losers, with about 2 stocks declining to every 1 stock that advanced. Analysts believe that the investors had already factored in the 25 basis points cut in repo rate and that they are now reaping benefits of the continued bullish run by booking profits.

Shabir Shah's ED remand extended for one day
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In investments, provisional data with the exchanges showed that foreign institutional investors (FIIs) bought scrips worth Rs 24.07 crore, while domestic institutional investors (DIIs) sold stocks worth Rs 389.34 crore.

Intraday bias remains bearish till the time pair holds key resistance at 64.03 marks.

"Major Asian markets have ended on a negative note".

A monthly survey released on Thursday showed that July services PMI fell to its lowest level in almost four years following implementation of GST, which made participants more anxious.

In Thursday's trade, all the major bank stocks finished in the red with pharma stocks like Lupin, Cipla and Dr. Reddy also dragging the numbers down. European indices like FTSE 100 and CAC 40 traded higher.

Sector-wise, the S&P BSE banking index dipped by 470.45 points, the metals index by 209.69 points, and the automobile index by 163.59 points. It was followed by Tata Consultancy Services (Rs. 1,117.68 million), Fortis Healthcare (Rs. 1,063.61 million) and Bajaj Finserv (Rs. 867.04 million).

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