Stocks trade flat for 2nd day, Fed meet holds clue

Stocks trade flat for 2nd day, Fed meet holds clue

Ronald Pratt
September 22, 2017

Barring short spells of positivity, the market today traded with a distinct weakness for the third day, ending with a marginal loss after the US Fed said it will wind down the stimulus signalling a rate hike this year.

The US Dow Jones Industrial Average ended 0.19 per cent higher in yesterday's trade.

Mumbai, Sep 20 Key stock indices today settled near the base line, mainly due to passive foreign investors, as all eyes turned to US Federal Reserve's policy decision.

The 50-share NSE Nifty closed at all-time high of 10,153.10, up 67.70 points, or 0.67 per cent after shuttling between 10,171.70 and 10,131.30.

The BSE market breadth was bearish - 1,358 declines and 1,215 advances.

"The short term trend of Nifty is choppy with weak bias". BSE Sensex lost 30 points to settle at 32,370.04 points and NSE Nifty shaved off 19 points to finish at 10,121.9 points. Domestic institutional investors (DIIs) showed support by taking shares worth a net Rs 775.61 crore while foreign portfolio investors (FPIs) discarded equities worth Rs 96.92 crore yesterday, according to provisional data.

Egypt welcomes moves toward unity by Hamas and Fatah: MENA agency
Hamas ousted the Fatah-dominated Palestinian Authority from Gaza in 2007 and Fatah continued to oversee the West Bank. Hamas and Fatah fought a short civil war in Gaza in 2007 and since then Hamas has governed the small coastal enclave.

During the day, the Indian rupee strengthened by 6-7 paise to 64.26-27 against the United States dollar from its previous close at 64.33.

"Indian shares were little changed on Wednesday, while market heavyweight Reliance Industries hit a record high as a cut in mobile interconnect fee is seen benefiting the company's telecom unit", said Dhruv Desai, Director and Chief Operating Officer of Tradebulls.

The Sensex touched a high of 32,499.88 points and a low of 32,383.82 during intra-day trade.

Nasdaq closed in red, down by 0.08 per cent while FTSE 100 was also down 0.05 per cent at the closing on Wednesday.

On the other hand, the S&P BSE healthcare index surged by 377.56 points, IT index was up 17.95 points and telecom index was a tad up by 0.37 points. ICICI Bank fell as much as 2% to Rs 285 - its lowest since 11 August, making it the top drag on both indexes.

Major Sensex gainers on Thursday were: Dr. Reddy's Lab, up 7.47 per cent at Rs 2,486.45; Cipla, up 4.04 per cent at Rs 591.45; Lupin, up 3.02 per cent at Rs 1,032.45; Sun Pharma, up 2.59 per cent at Rs 519.55; and Tata Consultancy Services, up 1.34 per cent at Rs 2,525.85.