Nifty ends below 9,400 level, Tata Motors and GAIL gain
Shares of Tata Motors surged 4.3% on robust JLR sales while GAIL was up 2.6% after it unveiled Rs 30,000 crore investment plan.business Updated: May 24, 2017 16:52 IST
Indian shares slipped on Wednesday as investors were rattled by a fresh bout of border tension and on the expiry of derivatives contracts this week.
The Nifty closed 0.3% lower at 9,360.55, while the benchmark BSE Sensex ended down 0.2% at 30,301.64.
Shares of Tata Motors surged 4.3% on robust JLR sales while GAIL was up 2.6% after it unveiled Rs 30,000 crore investment plan.
On Tuesday, Indian share benchmarks slipped by about 0.6% on news of Indian Army’s heavy firing at Pakistani posts across the line of control (LoC). The Army said it is engaging in “punitive fire assaults” on Pakistani posts across the LoC to stop them aiding infiltrators into India, indicating to an escalation in tensions between the two nuclear-armed neighbours.
In opening trade on Wednesday, Sensex recovered about 121 points and the Nifty regained the 9,400-mark on fresh buying by investors amid better- than-expected earnings.
The BSE 30-share barometer rebounded by 120.54 points, or 0.40%, to 30,485.79. The gauge had lost 205.72 points in the previous session after investors booked profits amid volatile global cues in the aftermath of a terror attack in the UK.
Sectoral indices led by auto, capital goods, power, realty and metal were in the green, adding up to 0.99%.
Traders said fresh spell of buying by retail investors and domestic institutions coupled with covering-up of outstanding short positions ahead of the May derivatives expiry helped recover the market.
Shares of Tata Motors closed up 4.3% after robust JLR sales, even as the company on Tuesday posted fall in its earnings for the quarter ending March 31, 2017.
In Asian trade, Japan’s Nikkei ended up 0.7% while Shanghai Composite was up marginally 0.06% and Hong Kong’s Hang Seng 0.1%.
The US Dow Jones Industrial Average ended higher by 0.21% on Tuesday.
(With agency inputs)