Published: Thu, March 15, 2018
Global | By Shelia Dennis

Markets flat in early trade; Sensex inches towards regaining 34000-mark

Markets flat in early trade; Sensex inches towards regaining 34000-mark

Around 9.22 a.m., the wider Nifty50 of the National Stock Exchange (NSE) inched up by 6.10 points or 0.06 per cent to trade at 10,427.50 points.

While, oil and gas rose 1.63 per cent, realty 1.56 per cent, PSU 1.39 per cent, consumer durables 1.32 per cent, healthcare 1.04 per cent, metal 0.49 per cent, bankex 0.43 per cent, infrastructure 0.37 per cent and power 0.28 per cent.

However, profit-booking at fag-end dragged the index to a low of 33,722.96 before ending at 33,856.78, down by 61.16 points or 0.18 per cent.

India's annual wholesale price inflation eased in February for the third straight month, official data showed today, helping limit overall losses in the broader market.

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Among the BSE sectoral indices, IT fell the most at 1.56 per cent, followed by Teck (1.06 per cent) and FMCG (0.01). Strong economic indicators have bolstered the US Federal Reserve's case for higher interest rates and have given fresh impetus to the bull market in global equities. The index posted its biggest single-day gain since March 1, 2016, when it had jumped 777.35. Axis Bank, SBI and ICICI Bank also pared early losses to end higher by up to 0.89%.

On the other side, Tata Steel, IOC, HDFC, and HPCL were down up to 3 percent.

However, oil major ONGC dropped by 1.53 per cent after crude prices surged.

The benchmark BSE Sensex drifted 150 points lower and the NSE Nifty slipped below the 10,400-mark in early deals today on selling in metal, PSU and realty counters amid weak global cues.

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Asian Paints, Kotak Bank and RIL, falling up to 0.91 per cent.

Coal India: Coal India shares slipped by almost 1 percent towards the closing of trade after brokerage firm Citi downgraded the stock to Neutral from Buy and lowered its target price to Rs320 a share from Rs365 earlier.

Bucking the trend, the broader markets ended in the green, with the mid-cap index rising 0.28 per cent and small-cap up 0.28 per cent. While the Shanghai Composite gained 0.59 per cent, Hong Kong's Hang Seng edged higher by 1.93 per cent and Japan's Nikkei was up 1.65 per cent. London's FTSE was higher 0.24%.

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Despite the upward revisions, the OECD said private consumption in Japan could be subdued if wage and income growth are modest. Rebounding global business investment would keep global trade growth at about 5 per cent this year, the OECD forecast.

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