Equities trade flat-to-positive; consumer durables stocks surge

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Mumbai, Sep 5 (IANS) Key Indian equity indices — the NSE Nifty50 and the BSE Sensex — pared their morning gains to trade on a flat-to-positive note during the mid-afternoon session on Tuesday, with healthy buying witnessed in consumer durables, banking and oil and gas stocks.

According to market observers, broadly negative global cues on the back of escalating geo-political tensions hampered investors’ risk-taking appetite.

At 1.10 p.m., the wider 51-scrip Nifty50 of the National Stock Exchange (NSE) was up 12 points, or 0.12 per cent, to trade at 9,924.85 points.

The 30-scrip Sensitive Index (Sensex) of the BSE, which opened at 31,755.16 points, traded at 31,734.72 points — up 32.47 points or 0.10 per cent from its previous close at 31,702.25 points.

The Sensex has so far touched a high of 31,819.99 points and a low of 31,674.23 points during intra-day trade.

The BSE market breadth was bullish with 1,493 advances and 884 declines.

“The markets were trading higher on Tuesday morning even as Asian markets remained under pressure in the wake of North Korea’s most powerful nuclear test at the weekend, while safe havens such as gold remained firm. US markets were closed on Monday for Labour Day, and European markets extended a sell-off that started in Asia on the previous day,” Dhruv Desai, Director and Chief Operating Officer of Tradebulls, told IANS.

“The shares of M&M, Power Grid, Sun Pharma rose, whereas the shares of Hero MotoCorp and Adani Ports fell. Volatility index India (VIX) jumped the most in over nine months on Monday on geo-political tensions,” he added.

On Monday, the benchmark indices closed on a lower note on the back of negative global cues and heavy selling pressure in auto and banking stocks.

The Nifty50 fell by 61.55 points, or 0.62 per cent, to close at 9,912.85 points, while the Sensex witnessed a fall of over 300-points during the day’s trade to close at 31,702.25 points — down 189.98 points or 0.60 per cent.

–IANS

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