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Sensex, Nifty Turn Flat Amid Jittery Trade: 10 Things To Know

The Sensex fell as much as 193.3 points from an intraday high of 38,941.10, the Nifty moved in a range of 55.6 points.

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Sensex, Nifty Turn Flat Amid Jittery Trade: 10 Things To Know

Stock market updates: Analysts say caution prevailed ahead of the release of economic data

Domestic stock markets gave up early gains to move in a tight range on Friday afternoon amid a mixed trend in Asian peers. The S&P BSE Sensex declined as much as 193.3 points from an intraday high of 38,941.10, and moved near the 38,800 mark in early afternoon deals, and the NSE Nifty index moved in a range of 55.6 points, between 11,608.90 and 11,553.30 at the strongest and weakest points of the day respectively. Weakness in banking and infrastructure shares offset advances in metal stocks. Analysts said caution prevailed ahead of key macroeconomic data and earnings announcements from large caps such as Infosys and IndusInd Bank.
Here are 10 things to know:
  1. At 12:25 pm, the Sensex traded 2.98 points - or 0.01 per cent - higher at 38,826.09, while the Nifty was down 1.40 point at 11,584.30. 
  2. Top percentage gainers on the 50-scrip index were Sun Pharma, Tata Steel, NTPC, UPL and Vedanta, trading between 1.89 per cent and 2.59 per cent higher.
  3. On the other hand, Wipro, Larsen & Toubro, Axis Bank, Bharti Airtel and Bajaj Finance - trading between 1.44 per cent and 2.17 per cent lower - were the top laggards.
  4. Market breadth favoured mild gains, with 1,106 stocks on the BSE trading higher and 1,030 struggling with losses. On the NSE, 912 stocks advanced while 730 declined. 
  5. The Sensex was flat as gains in Reliance Industries, HDFC and NTPC were countered by losses in L&T, HDFC Bank and Axis Bank.
  6. Infosys shares rose 0.85 per cent to touch an intraday high of Rs 726.95 apiece on the BSE, ahead of the earnings announcement by the IT major later in the day. 
  7. The government is due to release data on consumer inflation (Consumer Price Index) and industrial production (Index of Industrial Production) at 5:30 pm.
  8. Private sector lender IndusInd Bank will also be reporting its earnings for the quarter ended June 30 later in the day. 
  9. Equities in other Asian markets pulled back on Friday amid renewed concerns over the US-China trade war, a day after US President Donald Trump said China was not living up to promises it made on buying agricultural products from American farmers. 
  10. Federal Reserve Chairman Jerome Powell indicated on the same day that a rate cut is likely at the US central bank's next meeting as businesses slow investment due to trade disputes and a global growth slowdown.

(With inputs from Reuters)





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