Sensex ends flat in cautious trade, Nifty holds 9300

Randall Padilla
May 10, 2017

Sectorwise, the S&P BSE banking index augmented by 202.61 points, followed by the automobile index, which surged by 155.59 points, and the IT index was up by 127.43 points.

The BSE market breadth was bullish - with 1,577 advances and 988 declines.

Tata companies were in focus with Tata Steel gaining 1.2%, Tata Motors 0.8% and TCS 0.5% in morning trade.

Major Sensex losers were: Hero MotoCorp, down 3.07 per cent at Rs 3,289.80; Lupin, down 2.25 per cent at Rs 1,250.70; Bharti Airtel, down 1.75 per cent at Rs 345.10; SBI, down 0.89 per cent at Rs 296; and Power Grid, down 0.86 per cent at Rs 208.15.

The Nifty PSU bank index fell as much as 1.84 per cent after rising as much as 1.59 per cent in the previous session.

Banks gained on Monday after India tweaked its laws last week to help tackle a record $150 billion in bad loans, a move aimed at pushing reluctant lenders towards writedowns and errant borrowers into insolvency. Sensex closed higher by 7 points at 29,933 level. The stock got listed on both the NSE and BSE.

Hong Kong's Hang Seng rose 0.36%, while Japan's Nikkei shed 0.26% in early trade.

The Sensex has so far touched a high of 30,008.35 points and a low of 29,912.24 points during the day's trade.

"Banking sector stocks faced resistance at higher levels in the second part of the session and traded with mixed sentiments, while cement sector stocks complimented the firmness of the markets".

However, firm USD/INR futures prices pressurised the market sentiments at higher levels. "Emmanuel Macron's victory as France's next President helped gains on most of the Asian stocks, while European stocks were mixed".

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