Nifty slips from record in choppy trade ahead of US Fed meet

22 September, 2017, 00:13 | Author: Andrea Terry
  • Nifty surges to record high of 10,154.35 Sensex gains

Overseas, Europe stocks edged higher and Asian stocks were mixed after the Federal Reserve announced a plan to begin unwinding its balance sheet and signaled one more interest rate hike for this year. Nifty Midcap was up 0.12 percent on positive breadth. In the day's trade, the barometer 30-scrip sensitive index had touched a high of 32,499.88 points and a low of 32,383.82 points.

Meanwhile, the benchmark BSE index lower by 30.47 points or 0.09 per cent at 32,370.04.

In the economic news, European Central Bank (ECB) in its economic bulletin released today, 21 September 2017 said that Eurozone economic growth is gaining momentum and the rapid fall in the unemployment rate is encouraging but inflation has yet to show convincing signs of a sustained upward trend, requiring continued stimulus. Almost two shares declined for every share rising on the BSE. "Also, the concern on valuation and lack of supportive cues to outpace the resistance influenced investors to book some profit", said Vinod Nair, Head of Research, Geojit Financial Services Ltd.

The Dow Jones Industrial Average rose 0.19% to end at 22,412.59 points, its seventh straight record close.

Mumbai: The markets fell sharply in early trade on Thursday but made a partial recovery supported by the rally in healthcare stocks. Even domestic institutional investors (DIIs) offloaded shares worth a net Rs 77.68 crore yesterday, as per provisional data.

"Indian shares were little changed on Wednesday, while market heavyweight Reliance Industries hit a record high as a cut in mobile interconnect fee is seen benefiting the company's telecom unit", said Dhruv Desai, Director and Chief Operating Officer of Tradebulls. It closed at Rs 847.10 per share - up 0.85 per cent.

RattanIndia Power (8.49 percent) and Bombay Dyeing (5 percent) were the top gainers on the BSE.

Among others, HDFC and TCS advanced over a percent whereas ICICI Bank, Eicher Motors, Axis Bank, HCL Technologies, GAIL, ONGC, ACC and Bank of Baroda were down 1-2 percent.

Sector-wise, the S&P BSE metals automobile index slipped by 171.59 points, consumer durables index by 120.81 points and banking index by 78.29 points.



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