Sensex, Nifty trade flat, bank, auto stocks fall
Stock indices were flat on Thursday even as buying in metal and telecom stocks continued amid higher Asian cues.
There was caution in light of futures and options expiry for December. Foreign portfolio investors net bought shares worth Rs172.32 crore, while domestic institutional investors sold equities to the tune of Rs206.68 crore. Asian markets were trading higher following a rally in oil and copper prices this week.
Trade was thin ahead of the long New Year weekend. (PTI) Here are the latest updates from the markets. BSE Sensex traded marginally lower by 6.51 points, or 0.02%, to 33,905.30, while the Nifty 50 rose 6.05 points, or 0.06%, to 10,496.80.
Among the sectoral indices on BSE, metal gained most at 2.32% followed by realty 1.79%, basic materials 1.16% and telecom 0.77%. Meanwhile, the Nifty PSU Bank fell 0.82%.Strides Shasun Ltd said its sharehold- ers approved a composite scheme of arrangement between the company, Sequent Scientific and Solara Active Pharma Sciences. Shares rose 0.11% to Rs834.50.
Metal stocks were trading higher with the S&P BSE Metal index rising 2.26%. Hidnalco 4.33%, JSW Steel 3.54%, National Aluminum 3.26%, Jindal Steel 2.52% and Vedanta 2.16%.
Mirc Electronics Ltd said its shareholders approved issuance of equity and convertible warrants on preferential basis. Shares traded 0.43% up at Rs58.70. BSE Sensex traded higher by 5 points, or 0.01%, to 33,916.86, while the Nifty 50 rose 8.10 points, or 0.08%, to 10,498.85. Larsen and Toubro Ltd said its unit L&T Construction has received orders worth Rs1,600 crore in power and transmission businesses.
Shares traded 0.17% lower at Rs1,256.40. DLF Ltd shareholders approved an issue of debentures and warrants to promoters in lieu of Rs11,250 crore equity infusion into the company to reduce company's net debt significantly.
Shares rose nearly 2% to Rs253. Axis Bank fell 1.2% to Rs548.20 after Sebi asked the bank to conduct an internal inquiry into the suspected leak of its June quarter financial results. Reliance Communications Ltd rose 10% to Rs32. The stock gained over 150% in the last seven trading sessions after the company announced a Rs39,000-crore debt resolution plan.
Kotle Patil Developers Ltd rose 4% to Rs374.55 after the company signed Rs193 crore agreement with KKR. The 10year bond yield opened at 7.250% and touched a high of 7.326%, a level last seen on 12 July 2016.
At 9.15am, it rose to 7.313% from its Wednesday's close of 7.219%. So far this year, bond yield has surged over 120 basis points. The rupee was trading at 64.24 a dollar, down 0.14% from its previous close of 64.16. BSE Sensex traded higher by 12.55 points, or 0.04%, to 33,924.36, while the Nifty 50 rose 17.35 points, or 0.17%, to 10,508.10.