Markets

Sensex down 56 points; oil & gas, capital goods stocks major losers

Our Bureau Mumbai | Updated on March 12, 2018 Published on May 14, 2014

The Sensex and the Nifty ended the session near flat due to profit-taking by funds and retail investors after hitting record highs in the previous session.

The 30-share BSE index ended at 23,815.12, down 56.11 points and the 50-share NSE index Nifty ended at 7,108.75, down 0.00 point.

Sectoral indices

Among BSE sectoral indices, oil & gas, capital goods, IT and healthcare indices lost investors' support and were down 0.78 per cent, 0.36 per cent, 0.31 per cent and 0.3 per cent, respectively.

On the other hand, realty and metal indices were the star-performers and were up 4.32 per cent and 3.22 per cent, respectively, followed by consumer durables 2.28 per cent and power 0.83 per cent.

Tata Steel, Coal India, Bajaj Auto, ITC and NTPC were the top five Sensex gainers, while the top five losers were Dr Reddy's, M&M, HDFC, HDFC Bank and RIL.

After surging to new highs on Tuesday on the back of exit polls showing that BJP-led NDA would form the next government, the Sensex and the Nifty opened the session flat to positive showing signs of consolidation at current levels. The Nifty opened three points up at 7,112, while the Sensex opened 17 points up at 2,3898.

Dipen Shah, Head- Private Client Group Research, Kotak Securities, said: “Expectations are now of a stable Government at the Centre and that has raised hopes of better growth for the economy. The markets have risen based largely on these expectations.

We believe that, the new Government’s intent and announcements pertaining to fiscal and investment reforms will be critical for the sentiment of the markets to be sustained, in the short-term. We do believe that the FY15 growth rates will likely improve only modestly and strong growth can be expected to return in FY16 and beyond.”

Record highs

The Sensex crossed the 24,000 mark in intra-day trade on Tuesday to close at a third consecutive new high of 23,871, up 320 points or 1 per cent . The Nifty too hit a new intra-day high of 7,172.35 to end the day at a fresh record of 7,109 after zooming up by 95 points or 1 per cent.

The exit polls on Monday night showed between 249 to 290 seats to the Narendra Modi-led alliance which is close to the half-way mark in the 543-member Lok Sabha.

European stocks fell, after the Stoxx Europe 600 Index had yesterday climbed to a six-year high, as investors weighed earnings and equity valuations.

Published on May 14, 2014

A letter from the Editor


Dear Readers,

The coronavirus crisis has changed the world completely in the last few months. All of us have been locked into our homes, economic activity has come to a near standstill. Everyone has been impacted.

Including your favourite business and financial newspaper. Our printing and distribution chains have been severely disrupted across the country, leaving readers without access to newspapers. Newspaper delivery agents have also been unable to service their customers because of multiple restrictions.

In these difficult times, we, at BusinessLine have been working continuously every day so that you are informed about all the developments – whether on the pandemic, on policy responses, or the impact on the world of business and finance. Our team has been working round the clock to keep track of developments so that you – the reader – gets accurate information and actionable insights so that you can protect your jobs, businesses, finances and investments.

We are trying our best to ensure the newspaper reaches your hands every day. We have also ensured that even if your paper is not delivered, you can access BusinessLine in the e-paper format – just as it appears in print. Our website and apps too, are updated every minute, so that you can access the information you want anywhere, anytime.

But all this comes at a heavy cost. As you are aware, the lockdowns have wiped out almost all our entire revenue stream. Sustaining our quality journalism has become extremely challenging. That we have managed so far is thanks to your support. I thank all our subscribers – print and digital – for your support.

I appeal to all or readers to help us navigate these challenging times and help sustain one of the truly independent and credible voices in the world of Indian journalism. Doing so is easy. You can help us enormously simply by subscribing to our digital or e-paper editions. We offer several affordable subscription plans for our website, which includes Portfolio, our investment advisory section that offers rich investment advice from our highly qualified, in-house Research Bureau, the only such team in the Indian newspaper industry.

A little help from you can make a huge difference to the cause of quality journalism!

Sincerely,

Support Quality Journalism
null
This article is closed for comments.
Please Email the Editor
You have read 1 out of 3 free articles for this week. For full access, please subscribe and get unlimited access to all sections.