Selling pressure, caution over GST dent equity markets

5 Dariya News

Mumbai 23-Jun-2017

The Indian equity markets closed in the red on Friday as broadly negative global cues, coupled with caution ahead of the Goods and Services Tax (GST) implementation and heavy selling pressure subdued investor sentiments.The wider Nifty of the National Stock Exchange (NSE) fell by 55.05 points, or 0.57 per cent, to close at 9,574.95 points.The 30-scrip Sensitive Index (Sensex) of the BSE, which opened at 31,352.57 points, closed at 31,138.21 points -- down 152.53 points, or 0.49 per cent, from its previous close at 31,290.74 points.The Sensex touched a high of 31,365.39 and a low of 31,110.39 points during intra-day trade.The BSE market breadth was bearish -- with 1,975 declines and 653 advances.On Thursday, the domestic equity markets closed on a flat note as investors booked profits.The NSE Nifty slipped by 3.60 points, or 0.04 per cent to 9,630 points, while the Sensex closed at 31,290.74 points -- up a mere 7.10 points, or 0.02 per cent."Markets ended with losses on Friday after opening on a negative note. Key indices declined due to negative cues from European stocks," Deepak Jasani, Head - Retail Research, HDFC Securities, told IANS.

"Major Asian markets have ended on a mixed note. European indices like FTSE 100, CAC 40 and DAX are trading lower."On the currency front, the rupee strengthened by six paise to 64.53 to a US dollar from its previous close of 64.59."Equity benchmark closed sharply lower with NSE Nifty hitting one week low as investors booked profit," said Dhruv Desai, Director and Chief Operating Officer of Tradebulls."Caution is likely to prevail in the near term as India gears up to unveil GST on July 1, 2017."Sector-wise, all 19 of the S&P BSE indices declined, led by interest rate sensitive stocks like automobile by 369.22 points, the bank index by 198 points, and the capital goods index by 182 points.Major Sensex gainers on Friday were: Power Grid, up 1.84 per cent at Rs 205.30; Sun Pharma, up 0.97 per cent at Rs 543.95; Wipro, up 0.86 per cent at Rs 256.85; ICICI Bank, up 0.71 per cent at Rs 291.50; and DrReddy's Lab, up 0.50 per cent at Rs 2,642.50.Major Sensex losers were: Tata Motors DVR, down 2.20 per cent at Rs 275.85; Tata Motors, down 2.14 per cent at Rs 443.10; Hero MotoCorp, down 1.95 per cent at Rs 3,660.30; State Bank of India (SBI), down 1.94 at Rs 288.85; and ONGC, down 1.56 per cent at Rs 158.