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Sensex ends flat on high stock-specific volatility
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SME Times News Bureau | 20 Mar, 2019
Key equity indices closed on a flat note on Wednesday owing to high
stock-specific volatility, after having surged for the last seven
consecutive days.
The BSE Sensex closed on Wednesday at
38,386.75, gaining only 23.28 points, or 0.06 per cent, while the Nifty
declined by 11.35 points, or 0.10 per cent.
On stock specific
movements, Deepak Jasani of HDFC Securities said that airline stocks
like Indigo and Spicejet rose due to expectations of better times for
them on account of a supply crunch in the industry caused by Jet Airways
grounding many aircraft following financial troubles.
"Jet
Airways stock continued to fall as Etihad has shown interest in exiting
the company, while the lenders remain hopeful of bringing in a
resolution plan," he said.
Media stocks witnessed heavy selling with the Nifty media index falling over 3 per cent.
Real estate stocks jumped over 2 per cent on the BSE.
"Market
lacked any clear direction, and with high volatility, it settled with
mixed bias. Factoring tomorrow's trading holiday it was waiting for the
global cues post the (US) Fed policy today," said Vinod Nair, Head of
Research, Geojit Financial Services.
"Consensus is showing a
status quo in the (Fed) policy while the expectation has reduced from
three hikes to one in 2019. Sustained inflow from overseas funds and
strength in rupee is likely to support the market in the future."
The
top gainers on Sensex were Infosys, HDFC Bank, Yes Bank, Larsen and
Toubro and Sun Pharma, while the laggards were NTPC, ONGC, Coal India
and Tata Steel.
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| Customs Exchange Rates |
| Currency |
Import |
Export |
US Dollar
|
66.20
|
64.50 |
UK Pound
|
87.50
|
84.65 |
Euro
|
78.25
|
75.65 |
| Japanese
Yen |
58.85 |
56.85 |
| As on 16 Jun, 2019 |
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