Stock Market

Sensex, Nifty off to cautious start amid mixed global cues

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NEW DELHI: Domestic markets got off to a quiet start in Friday's tradiing session following mixed cues from Asian markets.

Investors would keep a close eye on the G20 summit which kicks off in Osaka today as markets continue to hope for a trade deal. US stock futures, the S-P500 index e-minis, were up 0.2 per cent.

However, Australian shares lost 0.21 per cent, while Japan's Nikkei stock index was down 0.3 per cent.

India May infra output data and RBI’s June forex reserve data would be key triggers for D-Street. The rupee strengthened in early trade on Friday to trade above 69-level against the US dollar for the first time since April 11.

“Today, USDINR pair is expected quote in the range of 69.05 and 69.70,” brokerage firm Motilal Oswal Financial Services said in a report. At around 9:30 am, the 30-pack Sensex traded in the green, up a mere 11.61 points or 0.03 per cent at 39,598. Nifty followed suit, making mild gains.

The 50 pack index was up 1.25 points or 0.011 per cent at 11,843 around the same time. In the Nifty pack, 24 stocks gained, 25 declined while one remain unchanged. Meanwhile, among Sensex stocks, 11 advanced and 19 fell.

Tech Mahindra was the biggest gainer, up 1.26 per cent, following IT service firm's hopes to strike large deals with clients in the banking, financial services and insurance (BFSI) sector even though companies are cutting down on technology spends.

Sun Pharma, Infosys, ITC, Asian Paints and L-T were other gainers, rising upto one per cent. Yes Bank, on the other hand, shed the most, down 1.96 per cent. Other losers comprised of ICICI Bank, Bharti Airtel, Tata motors and IndusInd Bank, all falling over half a per cent. BSE Midcap and BSE Smallcap index was flat, up 0.04 and 0.01 per cent respectively. Sectoral index was mixed with telecom being the top loser, down 1.12 per cent, led by losses in Bharti Airtel and Infratel. Shares of travel and tour company Cox - Kings tanked 10 per cent after it said it has defaulted on the payment of commercial papers due to cash flow mismatch and a situation exacerbated by rating downgrade.

Net-net, foreign portfolio investors (FPIs) did not buy domestic stocks on Thursday, data available with NSE suggested.

DIIs were net buyers to the tune of Rs 197 crore, data suggests.




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