Sensex, Nifty go flat; capital goods, financials lag

Ashley Carr
August 1, 2017

The broader NSE index ended up 37.55 points or 0.37 per cent at 10,114.65, while the benchmark BSE index closed higher by 60.23 points or 0.19 per cent at 32,575.17.

Expectations are building that the RBI would take note of the softening inflationary trend and ease policy at its upcoming meet on Wednesday.

The BSE market breadth was bullish with 1,312 advances and 1,177 declines.

Maruti Suzuki, Eicher Motors, Hero MotoCorp and Indiabulls Housing were the top gainers on both the indices, while Lupin, ONGC and Bank of Baroda were among the top losers.

However, Nifty PSU Bank index cracked over 1 per cent today.

The largest lender, State Bank of India, was on the top of the pack, up 4.46 per cent, after it slashed interest rate on savings account deposits by 50 bps to 3.5 per cent on balance of up to Rs 1 crore.

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Indian equity indices extended their record breaking rally to a second straight day as auto, metal and IT stocks gained.

Automakers have increased production to fill up the gap in inventory prior to the launch of the Goods and Services Tax and will therefore ship more vehicles to dealers, said Mahantesh Marilinga, senior research analyst at Finquest Securities.

"The benchmark Nifty today climbed to 10,043 and the Sensex surged over 133 points in the opening session, with the help of a strong dose of better-than-expected corporate earnings".

The Nifty50 rose by 62.60 points, or 0.63 per cent, to close at 10,077.10 points, while the Sensex closed at 32,514.94 points - up 205.06 points or 0.63 per cent. This has breached the previous closing record of 32,383.30 hit on July 27.

Meanwhile, Asian shares gained after positive economic data from around the globe boosted risk appetite.

MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.5 per cent, led by gains in financials and energy shares, while Tokyo's Nikkei rose 0.2 per cent.

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