Equity indices trade flat; RIL gains 1 per cent

PTI | | Updated on: Aug 26, 2021

People look at a screen displaying the Sensex results on the facade of the Bombay Stock Exchange (BSE) building in Mumbai, India, December 11, 2018. REUTERS/Francis Mascarenhas

RIL was the top gainer in the Sensex pack followed by HCL Tech, Bajaj Finserv, Asian Paints, Bajaj Auto, Bajaj Finance and L&T.

Equity benchmark indices Sensex and Nifty opened on a choppy note on Thursday, tracking a weak trend in Asian equities and sustained foreign fund outflow.

After opening on a negative note, the 30-share index was trading 46.78 points or 0.08 per cent higher at 55,990.99. Similarly, the broader NSE Nifty advanced 16.80 points or 0.10 per cent to 16,651.45.

Reliance Industries was the top gainer in the Sensex pack, rising around 1 per cent, followed by HCL Tech, Bajaj Finserv, Asian Paints, Bajaj Auto, Bajaj Finance and L&T.

Read also: Sensex, Nifty likely to open flat; F&O expiry to keep markets volatile

On the other hand, Bharti Airtel, PowerGrid, Maruti, Titan and Axis Bank were laggards.

In the previous session, Sensex ended 14.77 points or 0.03 per cent lower at 55,944.21, while Nifty settled 10.05 points or 0.06 per cent higher at its new closing record of 16,634.65.

As per provisional exchange data, foreign institutional investors (FIIs) were net sellers in the capital market as they offloaded shares worth Rs 1,071.83 crore on Wednesday.

Domestic equities look to be muted now, said Binod Modi, Head Strategy at Reliance Securities.

"The government's focus to improve credit growth through credit outreach programmes augur well for the domestic economy and corporate earnings.

"Additionally, minutes of the MPC meeting continue to show RBI's commitment to ensure policy support to sustain economic recovery despite select members showing some apprehensions about high inflation and pitching for gradual normalization in ultra-loose monetary policy. These indicate a sharp economic recovery in the 2HFY22E," he said.

Published on August 26, 2021
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