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Sensex ends Samvat 2074 on a timid note; banking stocks fall

07 November 2018 11:23

Mumbai: The key equity indices closed Samvat 2074 on a timid note, as the S&P BSE Sensex and NSE Nifty50 ended flat on Tuesday.Accordingly, the just concluded Samvat, which marks the closure of yearly account books, saw the benchmark Sensex gain eight per cent on a year-on-year basis, while the Nifty50 rose 3.8 per cent.In the days trade, the domestic equity market, which had opened on a positive note, failed to hold on to its gains, as selling pressure in index pivotals like banking and finance sectors subdued investors sentiments.On a sector-specific basis IT, TECK (technology, entertainment and media) and consumers durables stocks made gains on the BSE by over one per cent each, while the banking and finance counters slipped.Index-wise, the S&P BSE Sensex rose 40.99 points to 34,991.91 points. It had opened at 35,076.24 points from its previous close of 34,950.92 points.It touched an intra-day high of 35,196.03 points and a low of 34,889.72 points.Similarly, the NSE Nifty50 closed flat at 10,530 points.Apart from the main indices, the broader markets like the S&P BSE MidCap index declined by 0.62 per cent, while the S&P BSE SmallCap index was also down 0.06 per cent. The market breadth was flat with 1,271 advances and 1,292 declines.Overseas, Asian stocks were mixed as investors looked to the US midterm elections set for later in the day, said Abhijeet Dey, Senior Fund Manager-Equities, BNP Paribas Mutual Fund. The PSU banking, FMCG and metals indices traded with sharp losses while the media and IT indices notched up marginal gains. According to HDFC Securities Retail Research Head Deepak Jasani: Technically, while the Nifty has ended flat, the underlying short term trend remains up. Further upsides are likely once the immediate resistance of 10,600 is taken out.Crucial supports to watch for any weakness are at 10,492.In terms of currency, the rupee closed at 73 to a US dollar from its previous close of 73.12. Investment wise, the provisional data with the exchanges showed that foreign institutional investors sold stocks worth Rs 499.71 crore, while the domestic institutional investors bought scrip worth Rs 118.69 crore.The equity market indices on Monday had reacted positivily to SBIs first profit in the previous four quartes but in.
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