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August 23, Wednesday 2017 7:12 PM       

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       Sensex, Nifty log gains, break 2-day slide
 
         Posted on :17:55:10 Aug 4, 2017
   
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       Last edited on:17:55:10 Aug 4, 2017
         Tags: Sensex, Nifty log gains, break 2-day slide
 
MUMBAI: A surge in consumer durables and oil and gas stocks today saved the day for the Sensex, which closed up at 32,325, reversing its two-day slide.
 
Investors liquidating short positions, coupled with a firm trend in Europe, supported the late recovery, helping erase the initial losses.
 
The 30-share index started on a bearish note, but late buying helped it settle up 87.53 points, or 0.27 per cent, at 32,325.41.
 
The gauge had lost 337 points in the previous two days.
 
The NSE Nifty was above the 10k mark at the close at 10,066.40, up 52.75 points -- or 0.53 per cent -- after hitting a high of 10,075.25.
 
On a weekly basis, the BSE managed to sign off with gains for the fifth straight week by rising 15.53 points, or 0.04 per cent. NSE too ended up 51.90 points, or 0.51 per cent.
 
"Retail and consumer goods sector showed signs of recovery... Tomorrow's GST Council meeting to revise rates on agro-services will keep traders interested," said Anand James, Chief Market Strategist, Geojit Financial Services.
 
Results of some blue-chip companies exceeded expectations, providing additional thrust, traders said.
 
In the Sensex chart, Hero MotoCorp blazed a trail, gaining the most by 3.11 per cent on the back of encouraging earnings numbers. Coal India jumped 3.04 per cent and Tata Steel 2.85 per cent.
 
Consumer durables hit it big, with a rise of 4.21 per cent, followed by oil and gas and metal.
 
Healthcare was not as lucky, plunging 0.94 per cent.
 
Pharma shares such as Dr Reddy's, Sun Pharma and Lupin fell by up to 3.76 per cent.
 
The broader market outperformed the key indices.
 
Foreign portfolio investors (FPIs) were net buyers of shares worth Rs 24.07 crore while domestic institutional investors (DIIs) pulled out shares of Rs 389.34 crore yesterday, showed provisional data.
 
Shares in Asia threw up a mixed trend. However, Europe firmed up in early trade.
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       BUSINESS
Next Article: Wholesale onion price soars to Rs 25/kg at Lasalgaon
 
 
BUSINESS HEADLINES
Sensex back in green, Infosys closes up too  
PSU bank employees go on strike; services hit  
Johnson & Johnson ordered to pay Rs. 2600 cr in lawsuit linking baby powder to cancer  
PSU bank strike on Tuesday may affect services  
Markets extend losses, Infosys pulls down Sensex  
BOI considering reduction in SB rate  
Sensex slips into red, down 29 pts in late morning deals  
Banks stare at union strike on Tuesday, services may be hit  
NABARD sanctions Rs 1,350-cr loan to Rajasthan govt  
Murthy's shadow to loom large over search for Infy CEO  
Post note ban, separatists, Reds feel "fund-starved": Jaitley  
US law firms initiate investigation against Infosys  
Infosys board approves up to Rs. 13,000 cr buyback offer  
RBI to issue new fluorescent blue Rs 50 notes  
PM to launch Rs 15k-cr road projects in Rajasthan  
Sikka quits Infosys after Murthy campaign  
Nifty snaps 3-day winning spree, down 67 pts  
Maruti rolls out sporty 'Ciaz S' at Rs 9.39 lakh  
RBI still has room to slash rate in current fiscal: Kidwai  
Our full sympathy with agitating Noida home buyers: FM  
Videocon names Rajesh Rathi as business head  
Sensex surges 235 pts as geo-political tensions ease  
Sensex jumps 191 points, ignores weak IIP data  
Trai website to soon display telcos' tariff plans: Sharma  
NPA resolution to spur credit expansion, growth: Panagariya  
 
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