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Equities close marginally lower on global cues, foreign fund outflows (Roundup)

Mumbai, Sep 26 (IANS) Extending losses for the sixth consecutive session, key Indian equity indices on Tuesday closed marginally in the red as rising tensions in the Korean Peninsula, coupled with continuous outflow of foreign of funds, dented investors’ risk-taking appetite.

According to market observers, the key indices were pulled lower as investors booked profits in telecom, Teck (technology, media and entertainment) and FMCG stocks. However, some losses were pared by healthy buying in metals and realty stocks.

The wider 51-scrip Nifty of the National Stock Exchange (NSE) closed at 9,871.50 points — down 1.10 points or 0.01 per cent.

The 30-scrip Sensitive Index (Sensex) of the BSE closed at 31,599.76 points — down 26.87 points, or 0.08 per cent, from its previous day’s close at 31,626.63 points.

In contrast, the BSE market breadth was bullish — with 1,548 advances and 985 declines.

“Markets ended on a flat note on Tuesday after falling sharply in the previous two sessions. It was nevertheless the sixth consecutive session of losses for the Nifty,” Deepak Jasani, Head – Retail Research, HDFC Securities told IANS.

“Major Asian markets have ended on a mixed note. European indices like DAX and CAC 40 traded higher,” he added.

The broader market indices outperformed the Sensex. The S&P BSE mid-cap index rose by 0.44 per cent and the small-cap index by 1.08 per cent.

According to Dhruv Desai, Director and Chief Operating Officer of Tradebulls, the benchmark indices trimmed most of its intra-day losses to turn flat in the noon with Nifty50 reclaiming its crucial 9,850 mark.

“The markets extended losses in line with Asia and were headed for a sixth straight session of declines, as continued tensions on the Korean Peninsula prompted investors to move into safer assets,” Desai told IANS.

In terms of investments, provisional data with the exchanges showed that foreign institutional investors (FIIs) sold scrips worth Rs 1,915.54 crore while domestic institutional investors (DIIs) purchased stocks worth Rs 1,009.98 crore.

On the currency front, the rupee weakened by 34-35 paise to close at 65.45 against the US dollar from its last week’s close at 65.10-11.

Sector-wise, the S&P BSE FMCG index fell by 36.42 points, telecom index by 15.49 points and Teck index by 13.11 points.

On the other hand, the S&P BSE metal index surged by 327.74 points, realty index was up by 52.72 points and banking index by 49.18 points.

“Oil marketing companies were trading lower while oil exploration stocks gained after international crude oil prices rose. Oil marketing companies like Bharat Petroleum Corp fell 4 per cent, Hindustan Petroleum by 3 per cent and Indian Oil by 2.6 per cent,” Desai added.

Major Sensex gainers on Tuesday were: ONGC, up 4.32 per cent at Rs 171.55; Tata Steel, up 2.19 per cent at Rs 654.15; Axis Bank, up 1.82 per cent at Rs 510.40; Lupin, up 1.40 per cent at Rs 1,005.15; and Hero MotoCorp, up 1.39 per cent at Rs 3,808.

Major Sensex losers were: Hindustan Unilever, down 2.31 per cent at Rs 1,217.55; Asian Paints, down 2.28 per cent at Rs 1,169; Dr. Reddy’s Lab, down 2.10 per cent at Rs 2,366.75; Tata Consultancy Services, down 1.33 per cent at Rs 2,474.90; and Mahindra and Mahindra, down 1.06 per cent at Rs 1,246.05.

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