Mumbai June 1 (IANS) Disappointing macroeconomic data and outflow of foreign funds subdued the Indian equity markets on Thursday.
However a major sell-off was averted as investors remained optimistic about a normal spell of monsoon rains and the GST roll out.
The 30-scrip Sensitive Index (Sensex) of the BSE fell by eight points.
The wider 51-scrip Nifty of the National Stock Exchange (NSE) inched lower by 5.15 points or 0.05 per cent at 9 616.10 points.
The S&P BSE Sensex which opened at 31 117.09 points closed at 31 137.59 points. It lost 8.21 points or 0.03 per cent from the previous day s close at 31 145.80 points.
The Sensex touched a high of 31 213.12 points and a low of 31 062.02 during the intra-day trade.
The BSE market breadth however was bullish -- with 1 396 advances and 1 291 declines.
Markets ended with marginal losses on Thursday for the second consecutive range-bound session Deepak Jasani Head - Retail Research HDFC Securities told IANS.
Broad market indices like the BSE Mid-Cap and Small Cap indices rose and outperformed the main indices. Market breadth was positive on the BSE/NSE.
Anand James Chief Market Strategist Geojit Financial Services said: Dismal march quarter GDP numbers and weak manufacturing PMI data revived growth fears and impact of demonetisation.
PSU banks will again in focus on the backdrop of RBI s two day policy meeting and Finance Minister s meeting with the banking chiefs to resolve NPA issues later in the month.
On the currency front the rupee remained flat and marginally rose by four paise to 64.47 per US dollar from its previous close of 64.50-51.
In investments provisional data with the exchanges showed that foreign institutional investors (FIIs) sold stocks worth Rs 517.31 crore while domestic institutional investors (DIIs) bought scrips worth Rs 171.65 crore.
According to Dhruv Desai Director and Chief Operating Officer of Tradebulls FMCG and banking stocks witnessed strong gains.
Top sector today was FMCG followed by PSU banks and pharma Desai elaborated.
Nifty is expected to trade sideways short term and banking sector will remain volatile with June 7 2017 RBI credit policy meeting coming up.
Sector-wise the S&P BSE oil and gas index declined by 224.86 points the banking index by 127.14 points and the energy index by 38.46 points.
On the other hand the S&P capital goods index rose by 161.80 points the healthcare index by 158.63 points and the FMCG index by 118.75 points.
--IANS
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Disappointing macro-data subdues equity markets (Roundup)
