Markets

Sensex rises 42 points in range-bound trade; bank, auto stocks spurt

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Market benchmark BSE Sensex rose over 42 points on December 9 to close at 40,487.43, driven by buying in select bank and auto counters.

After opening on a weak note, the 30-share BSE Sensex stabilised in afternoon trade and settled with gains of 42.28 points or 0.10% at 40,487.43. The index swung between a high of 40,645.63 and a low of 40,336.56 during the day.

The 50-scrip NSE Nifty closed 16 points or 0.13% higher at 11,937.50.

Among the Sensex stocks, HDFC emerged as the top gainer, rising by 2.06%, followed by Axis Bank, Maruti, Reliance, Power Grid and Tata Steel.

On the other hand, TCS, HCL Tech, L&T, IndusInd Bank, Tech Mahindra, SBI and ITC lost up to 2.93%.

“Market was range bound as investors are closely watching the upcoming economic macros like CPI inflation and IIP data for any signs of progress in government’s effort to revive the economy. FIIs are likely to turn risk averse in domestic market as strong U.S. job data, progress in trade talks and expectation of status quo policy from U.S. Fed will add impetus to global market,” said Vinod Nair, Head of Research at Geojit Financial Services.

Sectorally, BSE Energy emerged as the biggest gainer with a rise of 1.06%, followed by oil & gas (1.01%), auto (0.75%) and metal (0.65%).

On the other hand, IT was the biggest loser, dropping 1.02%, followed by realty (1.02%), teck (0.92%) and capital goods (0.78%).

On the currency front, the rupee rose 12 paise to 71.08 against the U.S. dollar in intra-day trade.

Brent futures, the global oil benchmark, fell 0.81% to $63.87 per barrel.

Asian stocks were mixed as investors turned more cautious over U.S.-China trade deal uncertainty amid strong U.S. jobs data and weak Chinese exports numbers.

In Europe, U.K.’s benchmark FTSE and Paris’ CAC were down in early trade, while Frankfurt was flat.

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Printable version | Jan 20, 2020 6:53:36 PM | https://www.thehindu.com/business/markets/sensex-rises-42-points-in-range-bound-trade-bank-auto-stocks-spurt/article30257072.ece

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