Markets Marginally Up, Sensex at 33600, Nifty at 10358

Lawrence Kim
November 23, 2017

"Indian equities opened in sync with Asian indices in the early morning trade, but gave up all gains post an hour in trade". Sensex closed 26 points higher or 0.08% at 33,588.08 while the wider Nifty closed 6 points 0.06% to 10,348.75.

The BSE market breadth was slightly bullish - 1,256 advances and 12,55 declines.

At 3:30 PM, Sensex closed higher by 27 points at 33,588, while the Nifty50 inched up 6 points to close at 10,349.

"Benchmark indices traded in a narrow range where markets did not do much for the entire day".

On the currency front, the rupee stregthened by 33 paise to 64.58-59 against the United States dollar from its previous close at 64.91-92.

The dollar held onto losses after tumbling as the latest Federal Reserve meeting minutes highlighted a dovish tilt that showed divisions over the future path for USA monetary policy. Relentless buying by domestic institutional investors (DIIs) came against the background of a moderate recovery in the rupee.

The S&P BSE Information Technology Index gained 1.3 percent and was among the top sectoral gainers. China's Shanghai Composite index was quoting in red, down by 0.58 per cent.

"On the global front, Fed's divergence in opinion on inflation growth in the minutes may refrain the chair to take aggressive rate hike in Dec which is positive for Indian market", added Nair. The Nifty rose 15 points to end below the 10,350 level.

Shares of HDFC Bank (down 0.34 per cent), Axis Bank (down 0.29 per cent), Federal Bank (down 0.27 per cent), YES Bank (down 0.24 per cent), Kotak Mahindra Bank (down 0.14 per cent) and IDFC Bank (down 0.09 per cent) were also in the red.

Other reports by Click Lancashire

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