Markets eke out modest gains; all eyes on US Fed

PTI Feeds
Markets eke out modest gains; all eyes on US Fed

Mumbai, May 2 (PTI) Benchmark Sensex gave up early gains

to close flat today after a rally in realty and auto counters

was offset by foreign funds retreating to the sidelines ahead

of US Fed’s policy meet.

The 30-share index rose over 150 points in morning trade

to recapture the 30,000-mark, hitting a high of 30,069.24, but

later lost momentum to fall to 29,804.72.

It finally ended at 29,921.18, up 2.78 points, or 0.01

per cent.

The broader NSE Nifty shuttled between 9,352.55 and

9,269.90, before ending 9.75 points or 0.10 per cent higher

at 9,313.80.

Brokers said markets are expected to be range-bound as

investors are awaiting the outcome of US Fed’s two-day

meeting, as well as results of some more bluechips.

“Market regained from day s low and ended flat supported

by auto stocks with gains in April month sales.

“However, earnings growth is needed to sustain the

premium valuation. On the global front, the announcement of

Fed policy tomorrow is likely to add some volatility to the

market,” said Vinod Nair, Head of Research, Geojit Financial


Foreign funds sold net shares worth Rs 1,150.45 crore

last Friday, as per provisional figures issued by stock


Meanwhile, India’s manufacturing sector grew for the

fourth month in a row in April on surge in new business orders

but the pace of expansion was same as the previous month and

job growth moderated, a monthly survey showed today.

Auto stocks, led by Maruti Suzuki, hogged the limelight

throughout the session, largely on the back of strong sales

data for April.

Shares of the country’s largest carmaker Maruti Suzuki

India rose by nearly 3 per cent, adding Rs 5,442 crore to its

market valuation, after the company posted a 19.5 per cent

jump in total sales for April 2017.

Hero MotoCorp gained 1.22 per cent, Bajaj Auto rose 1.28

per cent while M&M inched up 0.48 per cent.

Stocks of realty and housing finance companies too

recorded handsome gains after the much-awaited Real Estate Act

came into force from May 1, even though only 13 states and UTs

have so far notified rules.

Other index gainers included ONGC (3.14 per cent), HDFC

Ltd (2.99 per cent), GAIL (1.46 per cent), Adani Ports (1.16

per cent), TCS (0.87 per cent) and Infosys (0.17 per cent).

However, Lupin fell 2.49 per cent, Bharti Airtel 2 per

cent, Reliance 1.71 per cent, Sun Pharma 1.59 per cent, NTPC

1.40 per cent, Tata Motors 1.34 per cent and L&T 1.06 per


Overseas, Asian markets ended mixed, with China’s

Shanghai Composite falling 0.35 per cent, while Hong Kong’s

Hang Seng rose 0.33 per cent. Japan’s Nikkei ended 0.70 per

cent higher.

European shares were higher in late morning deals as

investors awaited the upcoming French presidential vote.

London’s FTSE was up 0.43 per cent, France’s Paris CAC 30

rose 0.24 per cent and Germany’s Frankfurt gained 0.07 per


Back home, the BSE Mid-Cap index was higher by 0.38 per

cent, while the small-cap index rose 0.31 per cent.

Among BSE sectoral and industry indices, realty gained

the maximum at 1.99 per cent, followed by consumer durables

1.21 per cent, oil&gas 1.05 per cent, PSU 0.64 per cent, IT

0.53 per cent and auto 0,.53 per cent.

The market breadth remained negative as 1,518 stocks

closed in red, while 1,355 ended higher and 177 ruled steady.

The total turnover on BSE amounted to Rs 4,062.51 crore,

lower than turnover of Rs 4,336.14 crore registered on last


This is published unedited from the PTI feed.