Sensex ends up 50 pts, Nifty up 0.2% to new highs despite dismal Q4 earnings | business-news | Hindustan Times
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Sensex ends up 50 pts, Nifty up 0.2% to new highs despite dismal Q4 earnings

The BSE Sensex jumped 111 points, or 0.36%, to cross 31,220 in early trade.

business Updated: May 30, 2017 18:15 IST
HT Correspondent
A man walks past the BSE building in Mumbai.
A man walks past the BSE building in Mumbai.(PTI photo)

Indian share benchmarks touched record highs on Tuesday and closed up 0.2% as investors booked profits after some dismal fourth-quarter results by some companies such as Coal India and BHEL, indicating to weaknesses in some sectors of the economy.

Absence of fresh global and domestic cues also impacted investor sentiments.

The BSE Sensex jumped 111 points, or 0.36%, to cross 31,220 in early trade. The Nifty also rose to 9,635.30, as the buying spree continued initially. But the market lost steam by noon.

The Sensex closed up 50 points, or 0.16%, at 31,159.40. The Nifty was up 0.2% at 9,624.55.

Sensex had rallied by 807.64 points in the previous three straight sessions.

Adani Ports was up 3.4% after it finalised a decision for its Carmichael coal mine project in Australia following an end to negotiations on how to pay government royalties.

NTPC was up 3.2% while Dr Reddy’s gained 2.3%, HeroMoto 2.2%, Lupin and ICICI Bank 1.9% each.

Coal India was down 0.2% after it reported a 38% slump in net profit during January-March. However, NTPC gained despite a dismal Q4 results.

The news of SEBI clamping down on foreign funds issuing participatory notes (P-Notes) did not rattle the market.

On Monday, Sensex closed at a lpeak of 31,109.28 after climbing to a new intra-day record high of 31,214.39.

The National Stock Exchange index Nifty also slipped from record-high and shed 23.70 points, or 0.24%, to 9,581.20. It closed at an all-time high of 9,604.90 after recording a new intra-day peak of 9,637.75 in yesterday’s trade.

Brokers said emergence of profit-booking by investors in recent gainers at record levels amid continued foreign fund outflows and muted earnings posted by some bluechip companies mainly pulled down the key indices from their peaks.

Meanwhile, foreign portfolio investors (FPIs) sold shares worth Rs 709.97 crore, while Domestic institutional investors (DIIs) bought shares to the tune of Rs 290.53 crore yesterday, as per provisional data from the stock exchanges.

In the Asian region, Japan’s Nikkei was down marginally 0.02%. Hong Kong and Chinese markets are shut. The US markets also remained closed Monday.

(With inputs from PTI)