losangelesnewstoday.com
losangelesnewstoday.com October 19, 2017


Markets end flat as Nifty manages to hold on to 9900-mark

18 August 2017, 12:28 | Maryann Sutton

Reuters

Reuters

The 50-issue Nifty breached the historic 10,000 level by gaining 44.90 points, or 0.45 per cent, to trade at all-time high of 10,011.30, surpassing its previous intra-day high of 9,982.05 touched yesterday.

The Sensex ended up 24.57 points at 31795.46, while the Nifty ended higher by 5.60 points at 9902.90.

There were 907 advances, 725 declines and 328 unchanged stocks on NSE reflecting a mild positive undertone floating in the market.

Infosys and Coal India were the top gainers on both indices, while Cipla, Kotak Mahindra Bank and ACC lost the most. Experts attribute this fall to the implied volatility due to weekly expiry of Nifty Bank futures. Banks continued to be under pressure at the opening bell.

"Indian markets continue to be plagued by volatility in a week truncated by a holiday".

Market closed marginally higher amidst volatile trade.

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Experts also believe that one of the reasons for the fall could also have been based on global cues. The Nifty has gained by 193.35 points or 1.99 per cent in three trading days.

Coming to sectors, FMCG hit it off with a gain of 2.43 percent. Posco finished up 4.71 percent and Hyundai Steel gained 2.81 percent.

The index was up by 77.82 points or 0.24% up at 31848.71. Auto and healthcare shares too registered losses. While Hong Kong's Hang Seng rose by 0.14%, Shanghai Composite Index was up by 0.32%. "Infosys buyback is a very good thing for other IT companies", said AK Prabhakar, head of research, IDBI Capital. India VIX closed higher by 1.53% at 11.

GMR Infrastructure jumped 13.4% after India's Supreme Court on Thursday upheld a ruling of the Delhi high court that allowed Delhi International Airport Ltd, a unit of GMR Group, to put airport land to commercial use for non-aeronautical purposes. A government policy in 2016 had barred airports from using such land for non-aeronautical purposes.

Coal India, one of the worst performing stocks this year, rebounded 4.2% to 247.05 rupees, helped by an attractive dividend yield.



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