It was a gala time for the heavyweight business enterprises as some decision for late buying helped in the process of Nifty to gain 25 points at the National Stock Exchange. A heavy sell-off was also noticed at the counters of fmcg. The share market picked up the pace and geared into the point scoring more with the stepping of the sectors of healthcare, capital goods, metal, auto and banking in to the stock exchange.
However, as the market was consolidated due to the drifting of Nifty between the range of 5600 to 5650. According to market analysts, the phase determines an intermediate pause in the seemingly uptrend nature.
Over 5 per cent gain was recorded on the account of Nifty, while the lenders like ICICI Bank and the State Bank of India showed a gain of 0.8 and 0.4 per cent, respectively.
At the beginning of the day, the market was significantly going at a downward trend and was more or less sluggish in nature. Even the selling of the frontline Reliance Ind was also unable to do any miracle for the Indian share market. Although there was supportive buying in the sectors of auto and telecom, the key-index still remained listless and was being forced to be traded in tight band.
The Bombay Stock Exchange Sensex was even showing signs of marginal positive indication, amid the volatile condition of the market. The capital good, healthcare stocks, telecom and auto helped extensively for closing the Sensex at a marginally positive note.
The Bombay Stock Exchange recorded a profit of 56.32 points from the previous day, which is considered as a very good return after a days trading in the world share market. In the intra-day trade, Sensex also showed a better figure ranging from 18,445.18 points to 18,589.13 points. The BSE index, as well as the small cap index also showed good results and ultimately closed at reasonable profitable points at the end of the trading session of the day.
A minor improvement was seen at the data of manufacturing growth that also boosted the expectation of having a favorable growth. Among others, power and realty sectors were also showing an upward trend, although at a rate of more than one percent. The index of consumer durables of BSE rose to several points and was also followed by the rising points in the sector of metal index, automobile index as well as in the index of the banking.
Among the gainers at the end of the day were Tata Motors, Wipro, Cipla, Power Grid, IDFC, Bharti Airtel, M&M, Reliance Infra, Bajaj Auto and Axis Bank. All these companies were able to gain a hefty point at the Nifty. On the other hand, TCS, HCL-Tech, Hindalco, Lupin, Cairn, ONGC, HDFC Bank, ITC, Hindunilvr and GAIL lost their grounds at the stock exchange.
Managing Director of Institutional Equities, Axis Capita, Dharmesh Mehta commented that the recent reforms announced by the government of India is not withstanding and the political challenges prevailing will be the major cause of limiting the upliftment in the markets.
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