Sensex off record high to end flat; RIL dazzles

7 Jul 2017

The benchmark Sensex came down from record high to end 9 points lower in range-bound trade Friday, wrapping up the week with a gain of 439.02 points on smooth GST implementation and an above normal monsoon so far.
The market was pulled down by negative European and Asian peers as concerns mounted that the central banks are moving closer to removing the monetary stimulus that was further roiled by weakness in oil prices.
In step with the BSE, the 50-scrip NSE Nifty fell by 8.75 points, or 0.09 per cent, to close at 9,665.80 after shuttling between 9,684.25 and 9,642.65.
During the week, the Sensex registered a rise of 439.02 points, or 1.41 per cent, while the Nifty added 144.90 points, or 1.52 per cent.
Stocks of heavyweight Reliance Industries Ltd soared 3.43 per cent to trade at over nine-year high of Rs 1,490.80 on expectations that its subsidiary Reliance Jio is likely to launch the much awaited 4G VoLTE feature phone soon amid expectations of robust Q1 earnings to be released this month, which kept the Sensex fall under check.
Lupin Ltd too rallied 3.28 per cent to Rs 1,116.75.
"Buoyed sentiment in the domestic market slowed due to a caution which prevailed ahead of US jobs data and concerns over tighter monetary policy in Europe. On the other hand, investors gave attention to pharma stocks as part of value buying which supports the market to recover from intra-day low," Vinod Nair, Head of Research, Geojit Financial Services Ltd said.
The 30-share Sensex, which had closed at a record high of 31,369.34 on Thursday, retreated to stay in the negative terrain for the better part of the session and hit a low of 31,286.62, before settling at 31,360.63, down 8.71 points or 0.03 per cent.
It had gained 159.55 points back-to-back in the previous two sessions and hit record closing high on Thursday.
Investors remained cautious ahead of the quarterly earnings numbers, which are due later this month.
In the Sensex kitty, 20 scrips ended lower while 11 closed higher.
Major losers were ICICI Bank 1.28 per cent, Axis Bank 1.25 per cent, Infosys 1.21 per cent, Asian Paint 1.20 per cent, Hero MotoCorp 1.11 per cent, HDFC Ltd 1.10 per cent, ONGC 1.08 per cent, Bajaj Auto 0.79 per cent, ITC Ltd 0.79 per cent, Maruti 0.66 per cent and TCS 0.54 per cent.
Among sectoral indices, IT dropped by 0.73 per cent, followed by teck 0.52 per cent, consumer durables 0.37 per cent, FMCG 0.36 per cent, bank 0.25 per cent and auto 0.17 per cent, while realty rose by 1.48 per cent, healthcare 1.03 per cent, oil&gas 0.44 per cent and capital goods 0.15 per cent.
The BSE mid-cap index fell 0.04 per cent while small-cap index rose 0.26 per cent. (PTI)