Markets trade flat; buoyed by short covering

01 December, 2016, 06:19 | Author: Darnell Patrick
  • The 30-share index was up at 26,769.32 led by oil & gas realty consumer durables PSU banking and capital goods rising by up to 0.54 per cent

The 30-share Sensex after a lower opening at 26,303.52, slipped further to touch a low of 26,183.22 as selling in banking stocks intensified.

Bouncing back towards the fag-end of the session in an otherwise choppy trade, BSE Sensex on Monday closed almost 34 points higher at 26,350.17 with gains in realty, power, FMCG and oil & gas stocks amid sustained buying by domestic institutional investors.

Intra-day, it shuttled between 26,587.07 and 26,354.66.

The total turnover on BSE amounted to Rs 2,590.67 crore, lower than Rs 2,875.88 crore registered during the previous trading session.

Sensex rose over 250 points while the broader Nifty closed above its crucial psychological level of 8,200 led by buying in banking, capital goods, auto and power shares.

Sentiment was upbeat on hopes that the government and RBI will announce more measures to contain the fallout of demonetisation while globally, oil prices spiked ahead of a crucial OPEC meet where producers are set to discuss an output cut, analysts said. Hong Kong's Hang Seng shed 0.07 percent.

The rupee recovering from this year's lowest closing too buoyed sentiment.

USA stocks closed higher yesterday, with the Nasdaq touching a record, but the market failed to make much headway.

Banking shares bounced back in trades today after Reserve Bank of India in a surprise move on Saturday ordered banks to deposit their extra cash with it, in a bid to absorb excess liquidity generated by the ban on 500 and 1,000 rupee notes.

Of the 30-share Sensex pack, 18 scrips ended higher.

However, IT fell 0.51 per cent, followed by FMCG (0.47 per cent), bankex (0.39 per cent) and metal (0.17 per cent).

The BSE market breadth was skewed in favour of the bulls - with 1,765 advances and 827 declines.

Total turnover fell to Rs 2,875.88 crore from Rs 3,011.61 crore yesterday.


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