Markets hold steady, gains fizzle out on F&O expiry

Image used for representational purpose only. | Reuters

Image used for representational purpose only. | Reuters

Despite witnessing another record-breaking session - with the NSE Nifty50 breaching the 10,100-mark and the BSE Sensex extending an nearly 300-point rally, the Indian equity markets were on Thursday dragged lower from peak levels to close on a muted note on the day of derivatives expiry. "I am confident that with the support of all the stakeholders, Nifty 50 will continue to symbolise India's growth story across the world".

The Nifty of the National Stock Exchange (NSE) gained 56.1 points to close at 10,020.65.

On the other hand, the 30-scrip Sensitive Index (Sensex) of the BSE, which scaled a new intra-day high of 32,672.66 points, closed at 32,383.30 points - fractionally higher by 0.84 point from its previous session's close at 32,382.46 points.

The broader NSE index had on Tuesday surpassed the 10,000 point mark for the first time amid a raft of positive corporate results even as analysts continued to warn about potential consolidation.

The S&P BSE Mid-Cap Index ended four days of advances led by IDBI Bank Ltd., which had its steepest decline in two months. A bulk of the domestic money has flown into the broader market, helping the mid-cap index post gains in all but one month this year. The Standard & Poor's 500 index edged up less than 0.1 percent to 2,477.83, adding a whisper to the record high set a day earlier.

Foreign portfolio investors (FPIs) sold shares worth a net Rs 60.60 crore yesterday, as per provisional data.

"Expectations of a better earnings season with improving economic indicators have increased investor confidence, extending a record-setting rally this year, although high valuations are seen capping gains in the near term", Desai told IANS.

Sector-wise, the S&P BSE metal index rose by 213.57 points, the banking index by 204.83 points, and the capital goods index by 156.48 points.

"Earnings undoubtedly have been better-than-expected", Choksey said.

Maruti Suzuki rose 0.19 per cent after the automaker registered 4.4 per cent rise in net profit for April-June.

Telecom stocks fell broadly, with Idea Cellular, Bharti Airtel and Tata Teleservices losing 2-5 percent.

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