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Admin Reporter- Pooja

Jan 12 2019


Sensex Closes 96 Points Lower, Nifty Gives Up 10,800

Saturday,12-Jan-2019

 

Falling for a second straight day, domestic stocks markets reversed early gains on Friday amid weakness in auto and energy stocks. The S&P BSE Sensex ended 96.66 points lower, or 0.27 per cent, at 36,009.84 while, NSE's benchmark index Nifty finished at 10,794.95, down 26.65 points or 0.25 per cent from the previous close. Major laggards on the 50-stock Nifty were IndusInd Bank, Tata Motors, Bharti Infratel, TCS and Yes Bank, closing between 3.45 and 1.87 per cent lower. Thirty four out of 50 stocks closed in the negative zone. Losses were led by IndusInd Bank, Tata Motors and TCS on the Sensex.
Shares in Infosys closed 0.68 per cent higher on the NSE. The IT major is due to release its quarterly results later in the day.

The Nifty PSU Bank, comprising stocks of state-owned banks, closed 0.90 per cent lower.  

TCS, the country's largest software services exporter, fell over 2 per cent on both the stock exchanges, a day after the company reported a record net profit of Rs. 8,105 crore for the October-December quarter.

"There is a sense of caution among investors, and there is a fairly bearish sentiment out there, but the index is holding its own and not selling off," news agency Reuters quoted Sunil Sharma, chief investment officer with Sanctum Wealth Management, as saying.

"This suggests that the market is willing to look past all the bad news and that is typically suggestive of bull market action."

Analysts say macroeconomic data besides key corporate earnings reports will be watched closely. The government will release monthly data for factory activity, measured by Index of Industrial Production (IIP), in evening. 

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