Sensex falls 200 points but recoups losses; Punjab National Bank up 3%, SBI falls on profit booking
Sentiment was further subdued as US and European stocks were knocked lower on Wednesday due to earnings concerns
Indian shares traded flat on Thursday, faltering a bit after having touched record highs in the previous session as investors booked profits in recent outperformers such as State Bank of India.
Sentiment was further subdued as US and European stocks were knocked lower on Wednesday due to earnings concerns. Asian shares were largely flat on Thursday, with the MSCI’s broadest index of Asia-Pacific shares outside Japan down 0.09 percent.
Analysts said the outlook for markets would return to earnings, a day after indexes hit all-time highs after the government said it would inject $32.4 billion into state-owned lenders.
Yes Bank Ltd and Mangalore Chemicals and Fertilisers Ltd are among the companies scheduled to report results later in the day.
“In the short term, earnings will dictate the next move of the market and global sentiment,” said Neeraj Dewan, director, Quantum Securities.
The broader NSE Nifty was up 0.09 percent at 10,304.50 as of 12:15 pm.
The benchmark BSE Sensex was 0.08 percent lower at 33,016.21.
Caution also prevailed ahead of the expiry of futures and options contracts later in the day.
State-owned lenders had mixed fortunes. State Bank of India was down 0.46 percent, after surging 28 percent on Wednesday, while Punjab National Bank gained 3.2 percent, adding to its 46 percent gain on Wednesday.
Larsen & Toubro rose 2 percent, advancing for a second day after the government on Tuesday announced plans to invest 6.92 trillion rupees ($106.82 billion) in five years to build roads in the country.
Sensex fell by 524.96 points to end at 58,490.93 while Nifty ended at a loss of 188.25 points at 17,396.90.
The top gainers of BSE Sensex were Kotak Bank, HDFC Bank, Bharti Airtel, Maruti, and Nestle India. The biggest losers were Tata Steel, SBI, TCS, Hindustan Unilever, and Reliance
While the Sensex gained 417.96 points to end at 59,141.16, Nifty went up by 110.05 points to end at 17,629.50.