Sensex, Nifty Recover In Choppy Trade; HPCL, IOC Top Gainers

NDTV Profit Team

17 Jul 2018, 10:59 AM IST

Stock Market Update: Sensex, Nifty recovered in trade but continued to swing between gains and losses.

After a flat start, the domestic equity benchmarks recovered in trade but continued to swing between gains and losses amid mixed global cues. At 10:35 am, the S&P BSE Sensex traded at 36,331.42, up 7.65 points or 0.02 per cent while the broader Nifty50 was at 10,938.80 level, with a gain of 1.95 points 0.02 per cent. Oil marketing companies rallied as oil prices climbed after hitting three-month lows. Hindustan Petroleum and Indian Oil Corporation were the top two gainers in the Nifty50 index as they rose 3.18 per cent and 2.41 per cent respectively. Among the other gainers in the Nifty50 index were Adani Ports (up 1.92 per cent), ICICI Bank (up 1.79 per cent) and Sun Pharma (up 1.32 per cent).

Hindustan Unilever, which reported a 19 per cent rise in its June quarter net profit, was the top laggard on both the benchmarks as it traded over 3 per cent lower. Among the other losers on the Nifty50 were Bajaj Finance (down 1.31 per cent), Bharti Airtel (down 1.12 per cent), IndusInd Bank (down 0.97 per cent) and NTPC (down 0.96 per cent).

"The view on Nifty seems to be negative as global cues have ended slightly on the downside and also the effect of wholesale inflation, which touched over 4-year highs of 5.77 per cent seems to continue," said Dyaneshwar Padwal, AVP, Technical Analysis, KIFS TradeCapital.

In Asia, MSCI's broadest index of Asia-Pacific shares outside Japan was 0.5 per cent lower, according to a report by news agency Reuters. Overnight on Wall Street, the Dow edged up 0.2 per cent but the S&P 500 lost 0.1 per cent

Brent crude prices rose from a three-month low on Tuesday after more oil workers went on strike in Norway, supporting a market that has been dominated by oversupply issues in recent days. Brent crude futures had climbed 28 cents, or 0.4 per cent, to $72.12 a barrel by 0331 GMT or 9 am IST. They fell 4.6 per cent on Monday, at one point touching their lowest since mid-April.

According to provisional data from the National Stock Exchange (NSE), foreign portfolio investors sold net equities worth Rs 625.68 crore on Monday. Domestic institutional investors also sold shares worth
Rs 70.3 crore. (With Reuters Inputs)