Sensex takes 267-pt hit, Nifty stumbles on oil worryline

Saturday, 06 May, 2017

"European indices like FTSE now traded in positive trend and DAX and CAC 40 traded in negative trend".

Market benchmark Nifty rallied to a record close of 9,359.90 while the BSE Sensex reclaimed the 30,000-mark today as investors cheered reform steps in the banking and infra space.

At 1016 hours, Nifty Bank soared over 264 points or 1.19% trading at 22,572.15.

The Sensex ended 231 points higher at 30,126 and Nifty ended 48 points lower at 9,360.

Tata Teleservices also rose half a percent to extend recent gains on reports it has fired 500-600 employees to tide over hard times.

On a weekly basis, both the indices - the Sensex and the Nifty - fell by 59.60 points, or 0.19 per cent, and 18.75 points, or 0.20 per cent, during the first week of May. HCL Technologies, Tata Motors, Kotak Mahindra Bank, IndusInd Bank, BPCL, HDFC Bank and Indian Oil were also among the losers. "Meanwhile, President's nod for NPA ordinance and expectations towards key banking amendments kept investors interested", said Anand James, Chief Market Strategist, Geojit Financial Services. "IT sector stocks faced resistance at higher levels and traded with bearish sentiments, while oil-gas sector stocks witnessed selling pressure throughout the session".

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In investments, provisional data with the exchanges showed that foreign institutional investors (FIIs) sold stocks worth Rs 363.98 crore while domestic institutional investors (DIIs) purchased scrip worth Rs 298.11 crore.

Overseas, Asian markets ended mixed, with China's Shanghai Composite falling 0.35 per cent, while Hong Kong's Hang Seng rose 0.33 per cent.

The broader mid-cap and small-cap also lost by 0.99 per cent and 1.48 per cent respectively.

Overnight Nasdaq closed in red, down by 0.38 per cent while FTSE 100 was in red, down by 0.21 per cent at the closing on Wednesday.

Among BSE sectoral and industry indices, realty gained the maximum at 1.99 per cent, followed by consumer durables 1.21 per cent, oil&gas 1.05 per cent, PSU 0.64 per cent, IT 0.53 per cent and auto 0, .53 per cent.