Global cues keep Indian equity indices' stable, realty stocks rise


Mumbai, Sep 27 (IANS): Positive global cues aided India's equity indices to close on a positive-to-flat note during Monday's trade session.

Globally, Asian shares ended higher on Monday, but fears of further waves of coronavirus outbreaks were clouding the economic outlook for the region, tempering the rally.

European markets rose even as investors assessed whether global growth can withstand a slowdown in China and a global energy crunch.

On the domestic front, realty, oil and gas and auto stocks rose the most, while IT, healthcare and FMCG indices lost the most.

The S&P BSE Sensex closed closed at 60,077.88, higher by just 29.41 points, or 0.049 per cent, from its previous close.

The NSE Nifty50 closed at 17,855.10 points, inching up by 1.90 points or 0.011 per cent from its previous close.

"Nifty could not breach the highs of Friday on Sept 27 and ended almost flat. Advance decline ratio deteriorated during the day to end at below 1:1," HDFC Securities's Head of Retail Research, Deepak Jasani, said.

"Broader market is seeing lack of buying or participation while the largecaps are seeing rotational buying with auto coming back in favour while IT going out. However large scale sell-off is not yet seen in the markets and hence hopes of Nifty touching 18,000 level over the next few days still remains alive."

Motilal Oswal Financial Services' Head, Retail Research, Siddhartha Khemka, said: "Equity markets opened gap up but immediately gave in to profit booking resulting in volatility throughout the session. The indices erased its initial gains to finally end the session flat with positive bias."

"Auto sector was in top gear after government cleared incentives worth Rs 26,058 crore offered under the PLI scheme. The PLI scheme is expected to bring in new investments worth more than Rs 42,500 crore in five years and incremental production of over Rs 2.3 lakh crore."

LKP Securities' Senior Technical Analyst Rohit Singre said: "Strong base is formed near 17,800-17,740 zone... holding above said levels, we may see northward movement to continue.... strong hurdle is coming near 17,930 followed by 18K mark where one can look for to lock their long gains."

 

  

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Title: Global cues keep Indian equity indices' stable, realty stocks rise



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