Value buying buoys equity markets  

The market barometer 30-scrip Sensex closed at 27,915.89 points, up 128.27 points or 0.46 per cent from the previous close at 27,787.62 points. - Sakshi Post

Mumbai: Positive European indices coupled with buying support on Wednesday buoyed the domestic stock markets. BSE and NSE recorded healthy buying in healthcare, oil and gas and capital goods stocks. The wider Nifty edged up by 37.30 points or 0.44 per cent to 8,565.85 points. The market barometer 30-scrip Sensex closed at 27,915.89 points, up 128.27 points or 0.46 per cent from the previous close at 27,787.62 points.

Positive European indices coupled with buying support on Wednesday buoyed the domestic stock markets. BSE and NSE recorded healthy buying in healthcare, oil and gas and capital goods stocks.

The BSE market breadth was tilted in favour of the bulls with 1,664 advances and 1,034 declines. On Tuesday, the benchmark indices closed on a flat-to-positive note, even as profit booking, disappointing quarterly results and negative global cues kept the equity markets subdued throughout the day’s trade. The barometer index had closed higher by 40.96 points or 0.15 per cent, while the Nifty inched up by 19.85 points, or 0.23 per cent.

Led by negative global cues and profit booking, coupled with apprehensions over quarterly results, the trading was flat afternoon. Opened at 27,775.70 points, Sensex touched a high of 27,935.18 points and a low of 27,759.71 points during the intra-day trade. The markets showed some positive momentum on the back of the government’s decision to infuse capital into public sector banks. In a statement, the Ministry of Finance announced a capital infusion of Rs 22,915 crore towards the recapitalization of 13 public sector banks during 2016-17.

Wipro tumbled almost seven per cent after the company missed street expectations with over six per cent fall in net profit for the first quarter ended June. The stock after a weak opening further lost 6.98 per cent to Rs 511 on BSE. The share price went down by 5.68 per cent to Rs 518 on NSE. The stock was the worst performer among the bluechips on both Sensex and Nifty intra trade.

On the other hand, shares of Wipro tumbled almost seven per cent after the company missed street expectations with over six per cent fall in net profit for the first quarter ended June. The forecast that IT services sales would grow less than one per cent in July-September also dampened the investors’ confidence. The stock after a weak opening further lost 6.98 per cent to Rs 511 on BSE. The share price went down by 5.68 per cent to Rs 518 on NSE. The stock was the worst performer among the bluechips on both Sensex and Nifty intra trade.

Indian currency fell five paise against US dollar to 67.15. The fresh demand for the American currency from importers kept the pressure on rupee.

In forex market, Indian currency fell five paise against US dollar to 67.15. The fresh demand for the American currency from importers kept the pressure on rupee. Dealers attributed the rupee’s fall to increased demand for the US currency from importers, but dollar’s weakness against some currencies overseas and a higher opening in domestic equity market restricted the loss. The domestic unit had staged a recovery by gaining 10 paise to 67.10 against dollar in Tuesday’s trade on fresh selling of the American currency by exporters and banks.

Source: IANS


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