Published: Sat, March 10, 2018
Money | By Armando Alvarado

Sensex, Nifty trade in range; PSU bank stocks decline

Sensex, Nifty trade in range; PSU bank stocks decline

A sudden sell-off during the last hour of trade trimmed Friday's entire gains and led the key Indian equity indices to close trade on a flat note with marginal losses.

Stocks of state-run lenders staged a rebound in late afternoon trade on short-covering, they added. The 30-share BSE Sensex opened with a jump of 114.48 points at 33, 465.05 but soon plunged to red.

Mumbai: The equity markets snapped their six-session losing streak amidst gains in overseas equities as concern regarding a global trade war eased after a senior USA official said that the final tariff plan would exempt its partner countries.

On similar lines, the NSE Nifty was up by 35.35 points, or 0.34 percent, at 10,278 points. The MSCI All-Country World index, which tracks shares in 47 countries, was 0.1 per cent higher and set for a weekly gain of nearly 2 per cent.

Meanwhile, foreign portfolio investors (FPIs) sold shares worth Rs 364.80 crore on net basis while domestic institutional investors (DIIs) bought shares worth Rs 675.26 crore on Thursday, provisional data showed. However, the broader market remained with 1,530 stocks declining as against 1,197 stocks that advanced suggesting that the underlying sentiments still is cautious.

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The Nifty IT index was up 0.6 percent with Tech Mahindra trading 1.6 percent higher.

Vinod Nair, Head of Research, Geojit Financial Services, said: "Global trade fears continued to pull the domestic metal index lower while weakening trend in rupee supported IT companies".

Sectorwise, the S&P BSE metals index declined by 277.59 points, banking index by 212.54 points and healthcare index by 82.15 points.

Sectorwise, the S&P BSE banking index augmented by 389.41 points, auto index by 220.70 points and capital goods index by 203.84 points.

In the metals pack, SAIL tumbled 6.40 per cent, Jindal Steel 5.24 per cent, Tata Steel 4.66 per cent, Nalco 2.19 per cent, NMDC 1.85 per cent, Vedanta 1.59 per cent and Hindalco 1.26 per cent.

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