Markets reel under profit booking; Sensex closes below 33250

Henrietta Brewer
November 8, 2017

Mumbai: The benchmark BSE Sensex recovered by nearly 53 points in early trade today on buying in pharma, IT, consumer durables and FMCG stocks after recent losses.

Major Sensex losers were: Bharti Airtel, down 3.73 per cent at Rs 495.15; Tata Motors, down 2.92 per cent at Rs 438.70; SBI, down 2.35 per cent at Rs 309.75; Lupin, down 2.09 per cent at Rs 842.55; and ICICI Bank, down 2.05 per cent at Rs 305.80.

On the currency front, the rupee strengthened by 7-8 paise to close at 64.95-96 against the USA dollar from its previous close at 65.03. Japan's Nikkei fell 0.4 per cent, though that followed a jump to its best close since 1992.

European markets were little changed in lackluster trade as mixed earnings results, falling bond yields on worries over possible delays to Donald Trump's tax reform plan and rising geopolitical tensions between Riyadh and Tehran kept investors on tenterhooks.

However, the S&P BSE IT and Teck (media, entertainment and technology) indices ended with gains.

BSE Sensex was down by over 10 points or 0.03% at 33,359.85 while the wider NSE Nifty was down by over 16 points or 0.16% at 10,333.65. Global oil prices surged to their highest levels since 2015 earlier this week.

Vinod Nair, Head of Research, Geojit Financial Services, said: "Political disturbance in Saudi is triggering high volatility in the crude prices, which is negative for India leading to depreciation in rupee".

Provisional data with the exchanges showed that on Tuesday, FIIs invested in scrips worth Rs 461.47 crore.

In the Sensex kitty, major gainers included Axis Bank, Cipla, Sun Pharma, Dr Reddy's, Lupin, Wipro, TCS, Asian Paint, Hindustan Unilever, Bajaj Auto, M&M, Hero MotoCorp, L&T, Maruti Suzuki and Infosys, gaining up to 3.90 per cent.

The Dow Jones Industrial Average eked out a fourth consecutive record high close on Tuesday, while the S&P 500 ended marginally lower after a disappointing profit forecast from Priceline and a drop in financials.

Other reports by iNewsToday