Sensex logs losses for seventh straight day

Sheri Evans
September 30, 2017

The rise in the indices came on the back of continued buying from domestic investors.

On Friday, the Sensex ended little changed at 31,283.72 while the broader Nifty 50 edged higher by 0.2%, or 19.65 points, to 9,788.60.

The NSE Nifty advanced by 58.40 points, or 0.59 per cent, to 9,827.35.

Asian shares were firm, while USA bond yields and the dollar held sizeable gains made the previous day after President Donald Trump proposed the biggest USA tax overhaul in three decades. The benchmark Sensex closed Wednesday at its weakest (31,159.81) since June 30, while the Nifty closed at 9,735.75, a level last seen on August 11.

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"The market started on a positive note supported by the government's unchanged stance on budgeted borrowing plan and expectation of additional capital spending by PSUs".

"Short-covering ahead of the F&O expiry gave muscle to relief rallies", said Anand James, chief market strategist, Geojit Financial Services Ltd. So far this month, a net $777 million worth of Indian stock have been sold by foreign investors, with the trend set to continue.

Participants are set for a long weekend as stock exchanges will remain closed on Monday, that is October 2, on account of Gandhi Jayanti. HDFC twins and ICICI Bank are contributing majorly to Sensex gains and pushing the index to trade higher. GAIL, Eicher Motors and Aurobindo Pharma are among the gainers, whereas Hindustan Unilever, Dr. Reddy's Lab and Wipro are losing on the NSE. Most other sectoral indices - realty, metal, auto, and energy - also made gains, rising up to 3% in early trade. Meanwhile, the rupee appreciated 0.31 per cent to 65.50 per dollar from its previous days close of 65.72.

Other reports by TheSundaySentinel

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