Live: Sensex, Nifty Hold Gains; Tyre Shares Rally
Market Check: Sensex, Nifty Hold Gains
Indian equity benchmarks traded higher, after fluctuating between gains and losses in the past two hours.
The S&P BSE Sensex rose 52 points to 39,175.79 as of noon and the NSE Nifty 50 traded above 11,700. The broader market index represented by the NSE Nifty 500 Index rose 0.1 percent.
Tyremakers were in focus as they rallied after India imposes duty on China radial tires.
Besides, Emami was also in focus after the stock halted a 10-day fall and advanced 7 percent.
Tyre Shares Rally After India Imposes Duty On China Radial Tires
Shares of the Tyremakers rallied in today’s trade
This after India imposed a countervailing duty on radial tires from China, one of the biggest competitors for local companies, according to a Bloomberg report.
Shares of MRF rose over 2.6 percent, while shares of BalKrishna Industries, Apollo Tyres and Ceat rose 3.1 percent, 1.1 percent and 3 percent respectively. Meanwhile, shares of JK Tyre & Industries rose over 4 percent.
Emami Halts 10-Day Fall, Shares Surge 7%
Shares of Emami halted a 10-day losing streak, their longest in over a year. The stock rose as much as 7 percent, the most in over four months, to Rs 286.
Emami Group promoters have sold a further 10 percent stake in Emami Ltd. with an aim to raise up to Rs 1,230 crore. The funds raised from the stake sale will be used to reduce debt at the promoter level. (Read the full story here)
Trading volume was more than four times its 20-day average, Bloomberg data showed. The Relative Strength Index on the stock was below 30, indicating that it might be oversold.
Mid-Cap Index Outperforms Nifty 50
The mid-cap index represented by the NSE Nifty MidCap 100 Index rose 0.26 percent, compared to 0.02 percent gain in the NSE Nifty 50
About 46 stocks in the 100-share index gained, led by the rally in Torrent Power Ltd. and Manappuram Finance Ltd. On the flipside, Reliance Power Ltd., Dish TV India Ltd. and Escorts Ltd. were the worst performers.
Market Check: Sensex, Nifty Fluctuate
Indian equity benchmarks continued to fluctuate between gains and losses.
The S&P BSE Sensex traded 29 points lower at 39,122.96 as of 11 a.m. and the NSE Nifty 50 hovered around its 50-day moving average of 11,689.56.
The mid-cap index represented by the NSE Nifty Midcap 100 outperformed the Nifty after it rose 0.27 percent, led by the gains in Torrent Power and Manappuram Finance.
Strong Money Flows Can Prevent Market Downside, Says Kotak Mahindra AMC
Kotak Mahindra Asset Management Company expects no further downsides to the market led by consistent money flows despite concerns around the economy and other indicators, according to its chief investment officer of the equity Harsha Upadhyaya.
“The inflows are strong. Liquidity may support market at the entry level. Robust inflows, especially from the foreign investors, have kept the market afloat,” Upadhyaya told BloombergQuint in an interaction.
Watch the full conversation here: