Markets End Flat Ahead of US Jobs Data

7 Oct, 2016 17:38 IST|Sakshi
Sensex eased 45.07 points and closed at 28,061.14 points. Nifty edged down by 11.95 points to 8,697.60 points. The domestic markets witnessed heavy selling pressure in IT, oil and gas and healthcare stocks.

Mumbai: Negative global indices and profit booking pulled the Indian equity markets lower on Friday. The key indices closed on a flat-to-negative note as heavy selling pressure was witnessed in IT, oil and gas, and healthcare stocks. The market players were cautious ahead of US jobs data, due for release later today. Investors see the prospects of a rate hike by the US Federal Reserve. The US payroll and unemployment data will set the tone for Fed rate in December 2016.

Sensex eased 45.07 points or 0.16 percent and closed at 28,061.14 points. The wider 51-scrip Nifty of the National Stock Exchange (NSE) edged down by 11.95 points, or 0.14 per cent, to 8,697.60 points.

Opened at 28,129.22 points, Sensex touched a high of 28,155.68 points and a low of 27,964.91 points during the intra-day trade. The BSE market breadth was marginally tilted in favour of the bears with 1,388 declines and 1,386 advances.

On Thursday, both the key Indian indices ended in the red due to negative global cues, coupled with lower crude oil prices and a weak rupee. The barometer index fell by down 114.77 points, or 0.41 per cent, while the NSE Nifty edged down by 34.40 points, or 0.39 per cent.

Tata Steel Gain 4.5% on Robust Sales

Tata Steel stock was the biggest gainer among the Sensex and Nifty components. Tata Steel shares rose by 4.5 per cent, adding Rs 1,661 crore to its market valuation, after the company reported a 12 per cent rise in its sales for the September quarter. The scrip surged 4.39 per cent to end at Rs 406.40 on BSE. During the day, it gained 4.7 per cent to Rs 407.60.

On NSE, shares of the company went up by 4.55 per cent to close at Rs 406.55. Led by the rise in the stock price, the company's market valuation advanced by Rs 1,661.19 crore to Rs 39,470.19 crore. In terms of volume, 17.69 lakh shares of the company were traded on BSE and over one crore shares changed hands on NSE during the day. Tata Steel yesterday said its sales rose by 12 per cent to 2.62 million tonnes (MT) in the quarter ended September 30, 2016. The Mumbai-based firm had clocked sales of 2.33 MT in the same quarter of 2015-16 fiscal, it said in a regulatory filing.

Rupee Slumps 9 Paise As Demand Falters

The rupee fell for the third straight day by losing 9 paise to 66.78 against the dollar at the forex market on Friday on weakening demand as the appeal of the American currency grew with importers and banks. The US dollar firmed up against some global currencies ahead of a key US jobs report, which weighed on the rupee, dealers said. However, a higher opening of the domestic equity market restricted the rupee's losses, they added.

On Thursday, the rupee remained under pressure for the second straight day by falling 18 paise to end at 66.69 against the US dollar due to Fed rate hike concerns.

Source: PTI/ IANS

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