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Sensex, Nifty end flat; M&M, Dr Reddy’s slip over 2%

Robust buying activity was seen in capital goods, banking, and telecom counters.

, ETMarkets.com|
Updated: Sep 08, 2017, 04.43 PM IST
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Markets continued to trade on a volatile note as the lack of a clear trend compelled investors to stay cautious.
Markets continued to trade on a volatile note as the lack of a clear trend compelled investors to stay cautious.
Benchmark equity indices BSE Sensex and NSE Nifty ended on a flat to positive note on Friday.

However, robust buying activity was seen in capital goods, banking, and telecom counters, while market participants offloaded select auto, pharma and IT counters.

The BSE Sensex settled 24.78 points, or 0.08 per cent, up at 31687.52, while NSE Nifty index closed 4.90 points, or 0.05 per cent, up at 9,934.80.

More than 30 stocks in the Nifty index closed in red with Mahindra & Mahindra falling 3.36 per cent, followed by Dr Reddy’s Labs (down 2.87 per cent), BPCL (down 2.08 per cent), Sun Pharma (down 2.07 per cent) and Bank of Baroda (down 2.04 per cent).

On the other hand, Larsen & Toubro, Bharti Airtel, Tech Mahindra, Vedanta and Kotak Mahindra Bank gained 3.77 per cent, 1.47 per cent, 1.16 per cent, 1.13 per cent and 1.08 per cent, respectively.

Sectorwise, the BSE Realty index, Healthcare, Power, Oil & Gas and Auto index declined 1.54 per cent, 0.92 per cent, 0.90 per cent, 0.57 per cent and 0.50 per cent, respectively.

The BSE Capital Goods, FMCG and Telecom index jumped 1.88 per cent, 0.46 per cent and 0.39 per cent, respectively.

Karthikraj Lakshmanan, Senior Fund Manager – Equities, BNP Paribas Mutual Fund said, “Markets continued to trade on a volatile note as the lack of a clear trend compelled investors to stay cautious and indecisive.”

Dixon Technologies IPO oversubscribed 112 times till 3.45 pm while the initial public offer of Bharat Road Network was oversubscribed 1.66 times at around the same time on the last day of bidding on Friday.

Disappointing update on the progress of the southwest monsoon played on investor sentiment, resulting in intermittent bouts of volatility.

The India Meteorological Department (IMD) said that cumulative area weighted rainfall for the country as a whole till September 5, 2017 was 5 per cent below normal.

Asian peers Hang Seng closed higher by 0.53 per cent on Friday, while Nikkei and Shanghai settled down by 0.63 per cent and 0.01 per cent, respectively.

European stocks were trading in red as investors eye the impact of Hurricanes Harvey, Irma and Jose. The European Central Bank (ECB) held interest rates steady at 0 per cent on September 7, 2017. FTSE 100 index was down 0.43 per cent at 7365 in the late morning trade.

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