Sensex gains 64 pts in early trade on Asian cues

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Sensex gains 64 pts in early trade on Asian cues

After reaching the day's low of 29,363.28, the Sensex recovered partially before settling down 47.79 points, or 0.16 per cent, at 29,413.66 - its lowest closing since March 27.

Markets finished higher for the second straight session on Thursday, with benchmark Sensex rising 86 points as investors snapped up recently beaten down counters amid upbeat global cues. Overseas, Asian markets ended mixed as the crisis in Russian Federation and Syria and heightened tensions between the U.S. and North Korea hurt investor sentiment. Also, the NSE Nifty was up 23 points, or 0.25%, to 9,126.50.

In terms of investments, provisional data with the exchanges showed that the FIIs sold scrip worth Rs 930.67 crore, while the domestic institutional investors (DIIs) off-loaded scrip worth Rs 878.08 crore.

"The action is shifting from large caps to small caps. That may have attracted some bargain hunting", said Anand James, chief market strategist at Geojit Financial Services. "Broad market indices like the BSE mid-cap and small-cap indices ended with bigger gains thereby outperforming the Sensex", Deepak Jasani, Head - Retail Research, HDFC Securities, told IANS.

China's Shanghai Composite index was quoting in red, down by 0.16 per cent.

Yes Bank yesterday reported a 30.2 percent rise in net profit at Rs 914.12 crore for the last quarter of 2016-17, even as its bad assets swelled. ICICI Bank and Axis Bank too were under pressure and lost up to 2.90 percent.

"Major Asian markets have ended on a mixed note". Among other Asian markets, Japan's Nikkei was up 0.31% while Hong Kong's Hang Seng index rose 0.33% in morning trade. However, London's FTSE was down 0.09 percent in early deals.

On the sectoral front, Metal fell by 1.08 per cent, Pharma 0.79 per cent, IT 0.63 per cent, PSU Bank 0.38 per cent, FMCG 0.20 per cent, and Auto 0.18 per cent.

However, Bankex fell 0.53 percent, energy 0.30 percent, power 0.17 percent and health care 0.14 percent. Gainers included GAIL (3.90 per cent), IBull HSGF (2.12 per cent), Grasim (2.05 per cent), Reliance (1.98 per cent) and PowerGrid (1.15 per cent) A total of 864 shares declined, 842 advanced, while 90 ruled steady.

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