Consumer Durables News

Sensex, Nifty end lower in late selloff; power, consumer shares struggle

Photo : BCCL

Mumbai: Equity benchmarks Sensex and Nifty gave up early gains to end lower on Wednesday, dragged by fag-end selling mainly in power, con-sumer durables and healthcare stocks.

Starting off the session on a positive note, the Sensex hit the day’s high at 61,447 before erasing gains. It finally ended the session lower by 152 points or 0.25 percent at 61,034.

Similarly, the NSE Nifty surrendered intraday gains to close 46 points or 0.25 percent lower at 18,157 – marking first loss in the last three sessions.
On the Sensex chart, PowerGrid was the top loser, shedding over 4 percent. Other major laggards were Tech Mahindra, Sun Pharma, Bajaj FinServ, NTPC, Ultratech Cement and Titan.

On the other hand, ITC, Dr Reddy’s, HCL Tech, Indus Ind Bank, Ktak Bank and SBI were among gainers.

The Sensex breadth was in favour of sellers as 23 shares closed in the red.

“The strong momentum and favourable sentiments in the market can take the Nifty to record highs soon. The favourable tailwind from the mother market US and the sustained FII buying are strong positives. If the US CPI numbers due tomorrow indicate moderation in inflation, that would be a powerful trigger to push the market higher,” said V K Vijayakumar, Chief In-vestment Strategist at Geojit Financial Services.

Since India is the best performing large market in the world this year, FIIs can’t afford to miss the rally, and this is the reason why FIIs have been sustained buyers during the last eight trading sessions with a total buy figure of Rs 16,670 crore, he added.

Elsewhere in Asia, bourses moved up as investors braced for US inflation data due this week.

MSCI’s broadest index of Asia-Pacific shares outside Japan was 0.33 percent higher, while Japan’s Nikkei slipped 0.16 percent and Australian stocks gained 0.58 percent.

On the forex market front, the Indian rupee strengthened further to trade at 81.45 against the US dollar.

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