Mumbai: Snapping the ongoing winning streak, the domestic stock markets turned flat following the big ticket announcement by Reliance Industries on Jio commercial launch on Thursday. Most telecom stocks were trading lower. Idea, Rcom, Bharti Airtel were among the day’s top losers. Surprisingly, Reliance Industries also fell as the scrip fell 2.73 per cent to Rs 1,029.15, becoming the second biggest loser in the index.

However, banking stocks continued to upward journey with the Nifty Bank and S&P BSE Bankex hitting their fresh 52-week highs. Kotak Mahindra Bank and YES Bank hit a record high, while Federal Bank touched a fresh 52-week high.

Heavy selling pressure was seen in telecom, technology, media and entertainment (TECK) and realty sectors, while good buying was observed in auto, metal and fast moving consumer goods (FMCG) sectors. However, banking stocks continued to upward journey with the Nifty Bank and S&P BSE Bankex hitting their fresh 52-week highs.

BSE Sensex fell 28.69 points to 28,423.48 points from the previous day’s close at 28,452.17 points. Opened at 28,459.09 points, Sensex touched a high of 28,542.72 points and a low of 28,414.40 points during the intraday trading. The wider Nifty was marginally lower by 11.55 points or 0.13 per cent up at 8,797.75 points. The S&P BSE telecom index plunged by 4.78 per cent.

Heavy selling pressure was seen in telecom, technology, media and entertainment (TECK) and realty sectors, while good buying was observed in auto, metal and fast moving consumer goods (FMCG) sectors. The S&P BSE telecom index plunged by 4.78 per cent, TECK index dropped by 0.90 per cent and realty index slipped by 0.89 per cent, while auto index went up by 0.81 per cent, metal index moved up by 0.60 per cent and FMCG index got augmented by 0.54 per cent.

Market was very volatile, swinging between positive and negative territory. The telecom sector was the biggest loser followed by Cement. Telecom was negative due to the launch of Reliance Jio, while Cement was negative due to the penalty from CCI. We saw profit-booking today post the subdued domestic GDP and core industries data. Globally, investors are awaiting the US employment and payroll data which will be released tomorrow, which will give cues on FED rate hike.
Vinod Nair, Head of Research, Geojit BNP Paribas Financial Services

Investors were cautious in view of overnight dismal GDP data. The Indian economy grew at its slowest pace in six quarters. Subdued infrastructure output data, while most of the participants preferred wait and watch policy in need of a direction ahead of US jobs report due tomorrow which would signal Fed’s next move on rate hike.

Vinod Nair, Head of Research, Geojit BNP Paribas Financial Services Ltd, said: “Market was very volatile, swinging between positive and negative territory. The telecom sector was the biggest loser followed by Cement. Telecom was negative due to the launch of Reliance Jio, while Cement was negative due to the penalty from CCI. We saw profit-booking today post the subdued domestic GDP and core industries data. Globally, investors are awaiting the US employment and payroll data which will be released tomorrow, which will give cues on FED rate hike.”

The sentiment turned somewhat weaker after data released on Wednesday showed the Indian economy grew at the slowest pace in the last six quarters at 7.1 per cent in the April-June period of current fiscal mainly on subdued performance of mining, construction and farm sectors. Besides, the growth of eight core infrastructure sectors slowed to 3.2 per cent in July compared to 5.2 per cent in June this year due to subdued performance of coal, fertilisers, steel, cement and electricity segments.

Market observers further say that the sentiment turned somewhat weaker after data released on Wednesday showed the Indian economy grew at the slowest pace in the last six quarters at 7.1 per cent in the April-June period of current fiscal mainly on subdued performance of mining, construction and farm sectors. Besides, the growth of eight core infrastructure sectors slowed to 3.2 per cent in July compared to 5.2 per cent in June this year due to subdued performance of coal, fertilisers, steel, cement and electricity segments.

Source: IANS/ PTI