Advertisement

  • News
  • Columns
  • Interviews
  • BW Communities
  • Events
  • BW TV
  • Subscribe to Print
  • Editorial Calendar 19-20
BW Businessworld

Sensex Little Changed, Investors Book Profit

Photo Credit :

The BSE Sensex and the Nifty ended little changed on Tuesday (18 November), retreating from record highs hit earlier in the session, as investors booked profits even as rising confidence in the domestic economy and rate-cut hopes boosted firms such as Larsen & Toubro.
 
Investors preferred shares of domestically-focused companies to those in export-driven firms such as Infosys Ltd.
 
They hope Prime Minister Narendra Modi will unveil a slew of reforms including goods and services tax and changes in land acquisition laws.
 
Meanwhile, the Reserve Bank of India (RBI) is expected to cut interest rates as early as in February, helping spur economic growth.
 
Underlying sentiment also remained robust on continued foreign buying. Overseas investors bought shares worth 6.56 billion rupees ($106.28 million) on Monday (17 November), bringing their total purchase in stocks to $15.35 billion so far in 2014.
 
"Indexes are consolidating. Defensives are being de-selected in the portfolio while old economy stocks are gaining on rate-cut hopes," said Deven Choksey, managing director at K R Choksey Securities.
 
The BSE Sensex rose as much as 0.37 per cent to an all-time high of 28,282.85 before ending down 0.05 percent.
 
The Nifty closed 0.06 per cent lower after hitting a record high of 8,454.50.
 
Domestic economy-driven shares led gains. L&T advanced 1.8 per cent, while HDFC Bank rose 1.4 per cent.
 
Bharat Heavy Electricals rose 2 per cent, while IDFC gained 3.1 per cent.
 
Exporters fell on portfolio churning. Infosys dropped 0.9 percent, while Tata Consultancy Services lost 1.2 per cent.
 
Power Grid Corporation of India rose 1.1 per cent, while Punjab National Bank ended up 2 per cent.
 
Among drug exporters, Sun Pharmaceutical Industries lost 1.9 per cent, while Cipla ended 0.9 per cent lower.
 
Shares of jewellery companies also fell after the RBI said it was discussing increasing restrictions on gold imports.
 
Titan Company Ltd fell 1.1 per cent, Tribhovandas Bhimji Zaveri Ltd lost 2.3 per cent and Shree Ganesh Jewellery House ended down 2.7 per cent.
 
(Reuters)


Tags assigned to this article:
rbi news 7 sensex nifty bse idfc narendra modi pnb sun pharma