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

Sensex ends up 50 pts, Nifty up 0.2% to new highs despite dismal Q4 earnings

Hindustan Times, New Delhi | ByHT Correspondent
May 30, 2017 06:15 PM IST

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

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.

A man walks past the BSE building in Mumbai.(PTI photo)
A man walks past the BSE building in Mumbai.(PTI photo)

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

Hindustan Times - your fastest source for breaking news! Read now.

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)

Unlock a world of Benefits with HT! From insightful newsletters to real-time news alerts and a personalized news feed – it's all here, just a click away!- Login Now!
Stay informed on Business News along with Gold Rates Today, India News and other related updates on Hindustan Times Website and APPs
SHARE THIS ARTICLE ON
Share this article
SHARE
Story Saved
Live Score
OPEN APP
Saved Articles
Following
My Reads
Sign out
New Delhi 0C
Friday, March 29, 2024
Start 14 Days Free Trial Subscribe Now
Follow Us On