The 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 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). The 30-share Sensex rose over 75 points in morning trade and shot up to 31,365.39, but quickly lost momentum to hit the day's low of 31,110.39. It finally ended 152.53 points lower, or 0.49 per cent, at 31,138.21.
The Sensex had gained 7.10 points in Thursday’s session. The broader NSE Nifty moved between 9,647.65 and 9,565.30, before ending 55.05 points, or 0.57 per cent down at 9,574.95. 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 on Thursday, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) also bought shares worth a net Rs 455.21 crore. Major laggards were Tata Motors DVR (2.18 per cent), Tata Motor (2.14 per cent).