Inflationary concerns restrict gains on bourses
Sensex, Nifty edge up as healthcare, IT, FMCG stocks rise
Indian equities open negative; Sensex, Nifty indices down 1.5% each
Mixed Trading
- BSE Sensex settled 32.02 pts higher at 60,718.71
- NSE Nifty rose 6.70 pts to 18,109.45
- PowerGrid top gainer in Sensex pack followed by ITC, Asian Paints, Nestle India and Kotak Bank
- Tata Steel, M&M, Bajaj Auto, Reliance, SBI and Bharti Airtel in the red
- Trading began on positive note over upbeat global cues
- However, rise in inflation triggered profit booking
- Domestic mkts trading with negative bias
Mumbai: Stock market barometers Sensex and Nifty ended marginally higher on Monday as rise in wholesale inflation capped early gains despite a positive trend in global markets. The 30-share index settled 32.02 points or 0.05 per cent higher at 60,718.71 with half of its constituents ending in green. The broad based Nifty edged up 6.70 points or 0.04 per cent to close at 18,109.45.
"Indian markets opened on a positive note on Monday despite mixed cues from Asian market peers where Chinese shares traded lower post better than expected consumer spend data. Upside remain capped as WPI inflation in October surged to 12.54 per cent from 10.66 per cent a month ago and 1.31 per cent in October 2020," said Narendra Solanki, head (equity research-fundamental), Anand Rathi. Vinod Nair, head (research) at Geojit Financial Services, said: "Domestic market was trading with a negative bias, between gains and losses, tracking volatile global markets and in the wake of domestic inflation data. On the contrary, China's industrial output growth accelerated to 3.5 per cent YoY despite fresh Covid restrictions and supply shortages, thereby easing concerns over a global economic slowdown." Ajit Mishra, V-P (research), Religare Broking, adds:
