Indian markets edged lower today, with Sensex ending moderately lower. The index fell 72 points to settle at 40,284 while the broader Nifty settled at 11,894. Among the Sensex stocks, Bharti Airtel was the top gainer, up 5%, adding to its Friday’s 8% gain. Among other Sensex stocks, Tata Steel rose 4.4%, Sun Pharma 2.4% and PowerGrid 2%.
The broader markets however showed some traction. The BSE midcap index rose 0.45% while smallcap index 0.3%.
Some profit-taking was seen in select banking stocks. HDFC Bank fell 1% while ICICI Bank declined 0.2%. Yes Bank was the top loser among the Sensex stocks, falling 4%.
“On global front, signs of progress in US-China trade deal has improved overall sentiment across global markets. However, domestic macros are not providing confidence to investors. But in recent times we are seeing some concrete steps from the government and RBI to push growth which will soothe investors nerves,” said Vinod Nair, head of research at Geojit Financial Services.
“Going ahead, RBI is likely to give more focus on growth rather than rising inflation in the near term which may influence them for few more rate cuts and induce greater transmission. Given this scenario, we may see limited downside for Nifty despite premium valuation. The likely trading range for market will be 11600-12,000,” he added.
Asian markets were mixed today on broad optimism that China and the United States are close to a mini trade deal. US traders sent the Dow above 28,000 for the first time on Friday after Donald Trump’s economic adviser Larry Kudlow said the first part of a wider pact was on track, while Commerce Secretary Wilbur Ross said that there’ll be a deal “in all likelihood”. (With Agency Inputs)
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