Sensex ends below 30,000, rings in biggest gain in six weeks

It was a record-smashing week for Sensex and Nifty, which scaled their lifetime highs.

PTI April 28, 2017 17:58:37 IST
Sensex ends below 30,000, rings in biggest gain in six weeks

Mumbai: Market benchmark Sensex hit a soft patch for the second day running as it retreated from record highs to close below the 30,000 mark today after investors pocketed gains ahead of an extended weekend.

However, indices still registered their biggest gain in six weeks on widespread buying and improving risk appetite. The Nifty managed to stay above the psychologically-
crucial 9,300.

The 30-share Sensex opened higher, but failed to hold on to the 30,000-level, touching an intra-day low of 29,848.21 as investors booked profits in recent gainers.

It settled 111.34 points, or 0.37 percent, down at 29,918.40, reflecting weakness on the first session of the new derivatives series as fewer bets were rolled over.

The 50-share NSE Nifty too ended lower by 38.10 points, or 0.41 percent, at 9,304.05, after moving between 9,342.65 and 9,282.25.

Sensex ends below 30000 rings in biggest gain in six weeks

Reuters

It was a record-smashing week for both the indices, which scaled their lifetime highs.

On a weekly basis, the Sensex and Nifty gained 553.10 points (1.88 percent) and 184.65 points (2.02 percent) respectively, their best performance since 17 March on better-than-expected earnings by corporates. Stock exchanges will remain closed on Monday on account of 'Maharashtra Day'.

"Weak global market obstructed the way towards new highs while extended weekend loosened the appetite for further gains and the market consolidated," said Vinod Nair, Head of Research, Geojit Financial Services.

Investors are also awaiting US GDP data ahead of FOMC rate decision next week, he added.

Meanwhile, foreign portfolio investors (FPIs) net sold shares worth Rs 181.71 crore yesterday, provisional data showed.

Globally, Japan's Nikkei fell 0.29 percent, while Hong Kong's Hang Seng declined 0.34 percent. Shanghai Composite Index, however, ended 0.08 percent higher.

European stocks witnessed a mixed trend, taking a weak lead from Asian losses as investors concentrated on new earnings reports. London's FTSE fell 0.25 percent, while
Paris CAC 40 rose 0.25 percent and Frankfurt's DAX gained 0.13 percent in early deals.

Back home, the BSE Mid-Cap index advanced 0.18 percent and the Small-Cap index rose 0.61 percent. Both these indices outperformed the Sensex.

A total of 11 scrips in the 30-share Sensex pack fell, while the remaining 19 ended higher. India's largest cigarette maker ITC fell 2.28 percent to Rs 278.60.

Other losers were HDFC 1.93 percent, HDFC Bank 1.60 percent, TCS 1.27 percent, HUL 1.23 percent, Bharti Airtel 1.10 percent, Reliance 0.94 percent and L&T 0.85 percent.

However, ONGC rose 3.76 percent, SBI 2.66 percent, Maruti 2.42 percent, Asian Paints 1.62 percent, ICICI Bank 1.62 percent, Adani Ports 1.25 percent, Gail 1.23 percent, Hero Motoco 1.00 percent, Sun Pharma 0.88 percent and Coal India 0.80 percent.

Market breadth remained negative as 1,472 stocks closed in red, 1,396 stocks finished higher and 133 ruled steady. The total turnover on BSE amounted to Rs 4,335.70 crore, higher than Rs 3,678.62 crore registered during the previous trading session.

Updated Date:

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