Moving to the local market, 22 scrips out of the 30- share sensex pack ended higher while 8 others closed lower. United States stocks finished mostly higher on Thursday, recovering from earlier losses, as investors braced for the much-anticipated August jobs report on Friday, which could set the stage for a near-term interest-rate increase by the Federal Reserve.
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The bulls mobilized and finally managed to dominate the sentiment lifted by the report of Reserve Bank of India stating country’s brighter growth outlook with economy likely to expand 7.6 percent this year due to better monsoon and also good money on implementation of 7th pay commission by the government.
The BSE Mid-Cap index provisionally gained 0.49 per cent. The market had lost 370.15 points during two weeks. It had declined almost 100 points in two weeks.
A firm trading momentum witnessed as retail investors and funds piled up positions in key frontline shares across the sectors led by auto, IT, capital goods, banks, financials, metals, consumer durables, oil&gas, power, realty, teck infrastructure, healthcare, PSUs, energy, utilities and basic materials.
Meanwhile, Foreign portfolio investors (FPIs) bought shares worth a net Rs 286.52 crore yesterday, as per provisional data released by the stock exchanges.
The BSE market breadth was tilted in favour of the bears – with 1,597 declines and 1,049 advances. The seasonally adjusted Nikkei India Manufacturing Purchasing Managers Index edged higher in August, at 52.6 compared with 51.8 in July. Both these indices underperformed the Sensex. Shanghai Composite index gained 0.13.
However, realty fell by 1.73 percent and tech by 0.42 percent. Chinese shares ended on a flat note, as gains in industrial stocks offset weakness in the banking sector as a slew of interim corporate results showed tentative signs of bottoming-out in struggling sectors such as coal and steel.
TVS Motor Company rallied 2.5 percent on reporting a 20 percent rise in August sales. It fell 5.89 per cent to Rs 489.95.
Telecom stocks suffered huge losses in Thursday’s trade after Mukesh Ambani announced the launch of much-talked about Jio 4G service, offering free voice calls and national roaming. Among losers were NTPC (1.02%), ONGC (-0.85%), Tata Consultancy Services (-0.84%), Infosys (-0.45%) and Wipro (-0.03%).
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The total turnover on BSE was to Rs 2,799.42 crore, lower than turnover of Rs 2,922.56 crore registered during the previous trading session.
