Thursday, July 07, 2022

Sensex, Nifty edge higher on stimulus talks; post weekly loss

By PTI Updated: Aug 16, 2019 9:20 pm

Mumbai, Aug. 16 (PTI): Benchmarks Sensex and Nifty pared early losses to settle marginally higher on Friday as participants took heart from the government considering measures to aid the ailing economy and the global markets showing some resilience.

Flipping between losses and gains for a better part of the session, the 30-share Sensex settled 38.80 points, or 0.10 per cent, higher at 37,350.33. It hit an intra-day high of 37,444.45 and a low of 36,974.41.

The broader NSE Nifty gained 18.40 points, or 0.17 per cent, to close at 11,047.80. During the day, it swung between a high of 11,068.65 and low of 10,924.30.

During the holidays-curtailed week, the Sensex lost 231.58 points, or 0.60 per cent; while the NSE Nifty gave up 61.85 points, or 0.55 per cent. On a weekly basis, both indices have posted five losses in six weeks.

Indian equity markets were closed on Monday and Thursday for public holiday.

Concerns over economic slowdown, weak earnings and global trade volatility have been weighing on investor sentiment, experts said.

Stocks of banking and auto sectors got a boost amid buzz that the Centre will come out with stimulus measures to help revive consumer spending in various sectors.

In view of fast-spreading slowdown in key sectors, the Indian government on Thursday reviewed the state of the economy.

Riding on news about possible stimulus measures, auto counters rose as much as 2.74 per cent on the BSE.

Among the auto companies, Maruti was the biggest gainer, followed by Hero Motocorp, Bajaj Auto, Mahindra and Mahindra and Tata Motors.

Yes Bank topped the list of banking sector gainers as also the Sensex chart with 3.79 per cent. Other gainers from the banking vertical on the benchmark index were

IndusInd Bank, Axis Bank, Kotak Bank, ICICI Bank and SBI.

Top five Sensex gainers were — Yes Bank, PowerGrid, Maruti Suzuki, IndusInd Bank and Axis Bank.

On the other hand, TCS, Vedanta, HCL Tech, HDFC and RIL fell.

Sectorally, BSE utilities, auto, power, bankex, telecom, finance and realty indices ended up to 1.50 per cent higher.

While, BSE IT, energy, teck, metal and healthcare indices fell up to 0.78 per cent.

Broader BSE midcap and smallcap indices too ended in the green.

Equities in Europe were trading on a positive note in their respective early sessions.

Elsewhere in Asia, Shanghai Composite Index, Hang Seng and Nikkei ended in the green, while Kospi settled lower. However, Asian equities logged losses on a weekly basis.

Meanwhile, China hinting plans to take measures to spur economic growth helped revive investor sentiment globally.

Sanjeev Zarbade, VP PCG Research, Kotak Securities, said, “Global markets are seen ending in the red for the week on lingering concerns of trade war. This is taking a toll on the global investor confidence. Easing of bond yields are pointing towards slowdown in global economy. Indian markets also ended lower this week on disappointing earnings and selling by foreign investors.”

India’s economic growth has slowed to 6.8 per cent in 2018-19 – the slowest pace since 2014-15, consumer confidence is waning and foreign direct investment has plateaued. International trade and currency war is further aggravating the problem.

Meanwhile, the Indian rupee appreciated by 13 paise to 71.14 against the US dollar.

Brent crude futures, the global oil benchmark, rose 1.89 per cent to USD 59.33 per barrel.

By PTI Updated: Aug 16, 2019 9:20:49 pm