Sensex consolidates on gains, Nifty rangebound; both finish in green

Elias Hubbard
July 17, 2017

Indian shares logged modest gains on Monday to hit fresh record closing highs as weak US inflation and retail sales data dimmed prospects of more Fed rate hikes this year and Chinese GDP figures topped forecasts. Indian stock market also drew support from positive Asian markets.

Major gainers in the 30-share index were Wipro (3.12%), Adani Ports and Special Economic Zone (1.81%), ICICI Bank (1.69%), Cipla (1.56%), Infosys (1.37%), and Reliance Industries (1.33%).

The benchmark BSE Sensex gained 0.2%, or 54.03 points, to 32,074.78 points. "The development in earnings season will also navigate the direction in the interim", said Anand James, Chief Market Strategist, Geojit Financial Services. Meanwhile, the broad based NSE Nifty climbed by 29.60 or 0.30% at 9,915.95 with 34 components registering rise. The Sensex started on a high note before trading at 32,131.92 at 1100 hours, up 111.17 points, or 0.34 per cent. On NSE, they rose by 2.69% to end at Rs266.85. Shares of Flexituff International (down 20 per cent) capped gains.

Global concerns about supply overhang in the metals sector continue to linger, as Chinese steel output in June rose 5.7 per cent (y-o-y) to a record 73.23 million tonnes, surpassing an all-time high of 72.78 million tonnes in April, data from the National Statistics Bureau showed. BSE FMCG plunged 166 points to 10,645.86 as FMCG majors such as Venky's and ITC reported loses up to 7 per cent.

Fortis Healthcare plummeted 8.4 percent and Religare Enterprises shed 3.6 percent after India Ratings and Research downgraded RHC Holding's NCDs to default.

As per details on the BSE website, shares of Wipro were up by 3.55 per cent, Vedanta were up by 2.25 per cent and Mahindra & Mahindra were up 1.79 per cent.

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