Mumbai June 8 (IANS) The Indian equity markets on Thursday closed on a flat-to-negative note as investors remained cautious on the day of British general election and the European Central Bank s (ECB) monetary policy review.
However market observers pointed out that further downfall was arrested as sentiments remained buoyant on the approaching Goods and Services Tax (GST) execution and the Reserve Bank of India s decision on Wednesday to cut the statutory liquidity ratio by 50 basis points which will boost liquidity levels of the commercial banks.
The Nifty of the National Stock Exchange (NSE) inched down by 16.65 points or 0.17 per cent to close at 9 647.25 points.
The 30-scrip Sensitive Index (Sensex) of the BSE which opened at 31 316.91 points closed at 31 213.36 points -- down 57.92 points or 0.19 per cent from its previous close at 31 271.28 points.
It touched a high of 31 354.51 points and a low of 31 193.77 points during intra-day trade.
The BSE market breadth was slightly bearish -- with 1 383 declines and 1 304 advances.
In contrast in the broader markets the S&P BSE mid-cap index rose by 0.23 per cent and the small-cap index by 0.30 per cent.
Markets ended with modest losses on Thursday after a shaky opening as caution prevailed in global markets ahead of key global events of outcome of elections in the UK and the ECB s monetary policy review Deepak Jasani Head - Retail Research HDFC Securities told IANS.
Major Asian markets have ended on a positive note barring the Nikkei and Jakarta indices. European indices like CAC 40 and DAX traded higher.
Anand James Chief Market Strategist Geojit Financial Services said: With RBI decision past markets looked to have retracted into a shell awaiting further sparks. While UK election and ECB meet added to the restraint pharma space saw buying after the recent falls attracted bargain buyers.
Investors will now look forward to emerging confidence among industry participants as GST roll-out approaches James added.
On the currency front the rupee strengthened by 11-12 paise to 64.21-22 per US dollar from its previous close of 64.33.
In investments provisional data with the exchanges showed that foreign institutional investors (FIIs) purchased stocks worth Rs 90.78 crore while domestic institutional investors (DIIs) bought scrips worth Rs 738.78 crore.
The IT index was the worst performing sector down more than one per cent. Selling pressure on Infosys continued for the second straight day with less intensity though as the stock fell over one per cent against the three percent fall seen on Wednesday said Dhruv Desai Director and Chief Operating Officer of Tradebulls.
Financial stocks pushed the indices higher with Kotak Mahindra Bank and HDFC Bank driving the gains after the RBI made it easier for India s stressed banks to lend cutting their statutory liquidity ratio by 50 basis points.
Sector-wise the S&P oil and gas index fell by 193.25 points the IT index by 137.23 points and the consumer durables index by 94.39 points.
On the other hand the S&P BSE healthcare index surged by 228.55 points the metal index rose by 80.55 points and the finance index was up by 15 points.
Major Sensex gainers on Thursday were: Dr. Reddy s Lab up 3.79 per cent at Rs 2 637.25; Sun Pharma up 3.38 per cent at Rs 528.45; HDFC up 2.28 per cent at Rs 1 634.05; Cipla up 1.77 per cent at Rs 548.95; and Tata Steel up 1.61 per cent at Rs 498.95.
Major Sensex losers were: Tata Consultancy Services (TCS) down 3.59 per cent at Rs 2 521.50; Gail down 3.44 per cent at Rs 388.70; Asian Paints down 1.61 per cent at Rs 1 143.60; Hero MotoCorp down 1.55 per cent at Rs 3 784.55; and ICICI Bank down 1.42 per cent at Rs 320.15.
--IANS
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Indian equities slip as global cues spook investors (Roundup)
