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
The broader NSE Nifty shuttled between 9,352.55 and
9,269.90, before ending 9.75 points or 0.10 per cent higher
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
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.