Funds' outflows, weak global cues subdue equities, Sensex below 30k mark

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SME Times News Bureau | 28 Apr, 2017
Huge outflow of foreign funds, coupled with weak global cues and heavy selling pressure in FMCG, IT and consumer durables stocks, subdued the Indian equity markets on Friday.

The barometer 30-scrip BSE Sensex slipped below the psychologically important 30,000-point mark during the intra-day trade, while the wider 51-scrip Nifty of the National Stock Exchange (NSE) closed above the 9,300 points mark.

The wider 51-scrip Nifty of the National Stock Exchange (NSE) fell by 38.10 points or 0.41 per cent to close at 9,304.05 points.

The BSE Sensex, which opened at 30,064.60 points, closed at 29,918.40 points -- down 111.34 points or 0.37 per cent from its previous close at 30,029.74 points.

The Sensex touched a high of 30,067.64 points and a low of 29,848.21 points during the intra-day trade.

The BSE market breadth was bearish -- with 1,472 declines and 1,396 advances.

In terms of the broader markets, the S&P BSE mid-cap index closed up by 0.18 per cent, while the small-cap index rose by 0.61 per cent.

"After opening with flat note, Nifty shifted into decline for better part of the day with choppy trade. It made an attempt to show intra-day upside recovery during afternoon to later part, but was not able to gain," Deepak Jasani, Head - Retail Research, HDFC Securities, told IANS.

"Major Asian markets have ended on a mixed note. European markets like CAC and DAX currently traded in slight positive note and the FTSE 100 traded in minor negative note."

Anand James, Chief Market Strategist of Geojit Financial Services, said: "With Trump optimism waning, Indian stocks took little inspiration from global equities whose gains were limited ahead of FOMC (Federal Open Market Committee) rate decision next week."

"While earning shocks kept pharma and realty under check, FMCG stocks were seen struggling probably after FM's (Finance Minister) announcement on GST (Goods and Services Tax) stoked concerns over higher commodity tariffs."

On the currency front, the Indian rupee weakened by 9-10 paise to 64.24-25 per dollar from its previous close of 64.15-16 to a greenback.

In terms of investments, provisional data with the exchanges showed that the foreign institutional investors (FIIs) sold scrip worth Rs 1,150.43 crore, while the domestic institutional investors (DIIs) purchased scrip worth Rs 1,684.44 crore.

"Most banking stocks witnessed firm price movement throughout the session. Media sector stocks outperformed the bearishness in the market," said Dhruv Desai, Director and Chief Operating Officer of Tradebulls.

"Along with PSU banks, metal remained top performing sectors on a positive side."

Sector-wise, the S&P BSE FMCG index dipped by 115.84 points, followed by the IT index, which fell by 65.83 points, and the consumer durables index, which edged down by 65.36 points.

In contrast, the S&P BSE metal index surged by 166.95 points, the automobile index gained 147.96 points, and the banking index was up by 74.17 points.

Major Sensex gainers on Friday were: ONGC, up 3.76 per cent at Rs 186.30; State Bank of India (SBI), up 2.66 per cent at Rs 289.45; Maruti Suzuki, up 2.42 per cent at Rs 6,525.50; Asian Paints, up 1.62 per cent at Rs 1,120.50; and ICICI Bank, up 1.62 per cent at Rs 278.50.

Major Sensex losers were: ITC, down 2.28 per cent at Rs 278.60; HDFC, down 1.93 per cent at Rs 1,537.05; HDFC Bank, down 1.60 per cent at Rs 1,542.15; Tata Consultancy Services (TCS), down 1.27 per cent at Rs 2,272.10; and Hindustan Unilever (HUL), down 1.23 per cent at Rs 934.70.

The equity markets will be closed on Monday, May 1, 2017, on the occasion of Maharashtra Day.