Nifty Gives Up Most Of Gains After Hitting 10,000

Shares of consumer companies like ITC Ltd and Hindustan Unilever Ltd gained as much as 0.9 percent each.

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Nifty Gives Up Most Of Gains After Hitting 10,000

The Nifty hit 10,000 in early noon trade.

Benchmark index Nifty hit 10,000 in early noon trade but gave up most of its gains in afternoon trade. Consumer sector lead the way, but gains were capped as corporate results kick off later this week. Analysts expect a weak performance in the July-September quarter, due to the impact of the withdrawal of higher-denomination currencies from circulation late last year and the rollout of a national goods and services tax on July 1. 

Market heavyweights Tata Consultancy Services Ltd TCS and Reliance Industries Ltd  are scheduled to report their quarterly numbers this week. "The Nifty may not be able to sustain at 10,000 level in the next half of October as reality dawns on the guidance which companies are expected to provide soon. We can see more stock and sector-specific moves in the near term," said Sanjiv Bhasin, executive vice president, market and corporate affairs, IIFL.

Shares of consumer companies like ITC Ltd and Hindustan Unilever Ltd gained as much as 0.9 percent each.

The NSE bank index rose as much as 0.5 per cent with IndusInd Bank being the top gainer on the index, climbing nearly 2 per cent after two straight sessions of losses.

But Oriental Bank of Commerce, a state-run mid-sized lender, shed 4.3 per cent after the central bank initiated "prompt corrective action" against the bank over its high amount of bad loans. 
Adani Enterprises shares also lost over 4 per cent after large protests were held across Australia on Saturday against the company's proposed Carmichael coal mine on environmental concerns. 
Jaiprakash Associates rose as much as 3.8 per cent after the company approved transfer of certain assets and liabilities to unit Jaypee Infrastructure Development. 



 

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