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Markets in consolidation mode
The domestic stock markets took to consolidation mode as the benchmark BSE Sensex gave up early gains to end 153 points lower at 31,138.21 on Friday, while the broader Nifty cracked below the 9,600-mark on profit booking, particularly in auto and banking sector stocks ahead of GST rollout. During the week, the BSE Sensex gained 81.81 points, or 0.26 per cent, while the Nifty shed 13.10 points, or
Mumbai: The domestic stock markets took to consolidation mode as the benchmark BSE Sensex gave up early gains to end 153 points lower at 31,138.21 on Friday, while the broader Nifty cracked below the 9,600-mark on profit booking, particularly in auto and banking sector stocks ahead of GST rollout. During the week, the BSE Sensex gained 81.81 points, or 0.26 per cent, while the Nifty shed 13.10 points, or 0.13 per cent
The markets will remain closed on Monday on account of ‘Id- ul-Fitr’ (Ramzan Eid). “This was Nifty’s lowest close in a month. Market continued to consolidate as investors defer their participation and waiting for global headwinds to settle like concerns over volatile oil price.
However, markets will continue to get support at lower levels due to reforms in banking sector, falling inflation and expectation of rate cut,” Vinod Nair, Head of Research, Geojit Financial Services said. Foreign portfolio investors (FPIs) bought shares worth a net Rs 192.68 crore Thursday, as per provisional data released by the stock exchanges.
Domestic institutional investors (DIIs) also bought shares worth a net Rs 455.21 crore. The total turnover on BSE amounted rose to Rs 7,395.04 crs from Rs 4,693.41 crore registered during the previous trading session. Overseas, Asian markets ended higher, while European stocks were trading lower.
