Sensex, Nifty end flat ahead of GDP data, RBI stance eyed
ll the sectoral indices, led by realty, auto and consumer durables, were trading in positive zone with gains up to 1.08%Updated: May 31, 2017 17:02 IST
Press Trust of India, Mumbai
Indian share market ended flat on Wednesday after the record-breaking rally as investors booked profits and awaited the economic growth data for the March quarter and the full financial year 2016-17, which is widely perceived to have been hurt by the demonetisation drive.
A Reuters poll showed India’s GDP fourth-quarter economic growth may print at 7.1%. Prime Minister Narendra Modi’s decision in November to scrap Rs 15.44 crore worth of high value notes slowed economic activity especially in the cash dependent sectors such as construction.
Another poll showed Reserve Bank of India holding rates at its monetary policy review in early June.
The benchmark BSE Sensex ended tad lower at 31,145.80 while NSE’s Nifty was at 9,621.25 after hitting record high in intra-day trade.
The Sensex was up 4.1% in May, its fifth consecutive monthly gain and best monthly performance in a year. NSE Nifty gained 3.4% in May.
During the day, the BSE Sensex hit a fresh record high of 31,233 by surging over 74 points, and NSE Nifty touched fresh lifetime high of 9,638 in early trade on Wednesday on sustained buying by domestic institutional investors.
Sectoral indices, led by realty, auto and consumer durables, were up by as much as 1% while metals index fell 1.4%.
M&M led the Sensex chart gaining 4% followed by Lupin 2.8%, GAIL 2.6%, Power Grid 1.9%, ICICI Bank 1.8% and Dr Reddy’s 1.5%.
Continued buying by domestic institutional investors (DIIs) helped the key indices to hit record hits, brokers said.
Besides, sentiment remained extremely bullish as investors cheered the early arrival of monsoon and engaged in widening their positions, they said.
Meanwhile, DIIs bought shares worth a net Rs 366.97 crore, while foreign portfolio investors (FPIs) sold shares worth Rs 217.10 crore yesterday, as per provisional data from the stock exchanges.
Among other Asian markets, Japan’s Nikkei was down 0.14%, Hong Kong’s Hang Seng fell 0.16%, while Shanghai Composite Index rose 0.24% and Kosi 0.16%.
The US Dow Jones Industrial Average closed 0.24% lower in yesterday’s trade.
(With agency inputs)
First Published: May 31, 2017 11:56 IST