Equities close marginally lower; Nifty50 at fresh intra-day high

by Noah Mcgee September 22, 2017, 0:14
Equities close marginally lower; Nifty50 at fresh intra-day high

Indian shares ended lower on Tuesday as financial stocks such as Housing Development Finance Corp dragged both indexes amid investor caution ahead of the U.S. Federal Reserve's policy statement this week.

The wider Nifty of NSE fell by 22.90 points or 0.23 per cent to 10,118.25 as 28 of its constituents led by ICICI Bank, Hindalco, Coal India, Bank of Baroda and Gail dropped up to 1.94 per cent.

In terms of the broader markets, the S&P BSE mid-cap index fell by 0.34 per cent and the small-cap index by 0.51 per cent.

The 30-scrip Sensitive Index (Sensex) of the BSE closed at 32,400.51 points - down 1.86 points, or 0.01 per cent, from its previous close at 32,402.37 points.

In the economic news, European Central Bank (ECB) in its economic bulletin released today, 21 September 2017 said that Eurozone economic growth is gaining momentum and the rapid fall in the unemployment rate is encouraging but inflation has yet to show convincing signs of a sustained upward trend, requiring continued stimulus.

The US Dow Jones Industrial Average closed at new highs in Friday's trade. Almost two shares declined for every share rising on the BSE. "So, this can impact in the short-term but unlikely in the long-term, as seen by the appreciation of INR (Indian rupee) in spite of selling by FII", Nair added.

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The rupee resumed lower at 64.50 per dollar as against yesterday's closing level of 64.27 per dollar at the Interbank Foreign Exchange (Forex) Market.

It also regained against the Japanese yen to close at 57.60 per 100 yens from 57.73 yesterday.

"Over 120 stocks hit fresh 52-week highs, helping them multiply investors' wealth".

The rally came on the back of buying in capital goods, auto, power, PSU and banking stocks, rising by up to 1.44 per cent.

Hero MotoCorp finished at the bottom on the Sensex list, falling 2.29 per cent to Rs 3,858.10, following profit taking activity.

Major Sensex gainers on Thursday were: Dr. Reddy's Lab, up 7.47 per cent at Rs 2,486.45; Cipla, up 4.04 per cent at Rs 591.45; Lupin, up 3.02 per cent at Rs 1,032.45; Sun Pharma, up 2.59 per cent at Rs 519.55; and Tata Consultancy Services, up 1.34 per cent at Rs 2,525.85.

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