After a firm start and a subsequent sharp move, the Indian stock market stayed high up in positive territory till a couple of hours past noon, but suddenly lost its momentum and very nearly plunged into the red as investors turned cautious ahead of some crucial economic data.
The data on consumer price inflation and index of industrial production data are due tomorrow, 12 June 2018. Later in the week, the data on wholesale price index is due for release.
Investors are also looking ahead to the outcome of the meeting of the U.S. President Donald Trump and the North Korean leader Kim Jong Un. Also, the monetary policy announcements of Bank of Japan, the European Central Bank and the U.S. Federal Reserve are due this week.
The president of the world's largest took a swipe at India, along with a few other top economies of the world, accusing the Indian government of charging 100% tariff on some of the goods from the U.S. Though this did not trigger any big selling in the market today, it may have prompted investors to tread a bit cautiously.
The Sensex, which was up more than 260 points at one stage, ended with a gain of just 39.80 points or 0.11 percent, at 35,483.47. The National Stock Exchange's Nifty50 ended up 19.30 points or 0.18 percent at 10,786.95, well off the day's high of 10,850.55.
Telecom and consumer durables ended on a firm note. A few stocks from healthcare, automobile, oil and FMCG sectors edged higher.
Bharti Airtel gained 3.2 percent. Bajaj Finance ended nearly 3 percent up. Grasim Industries, Ultratech Cement, Zee Entertainment, Hindalco, Dr Reddy's Laboratories, BPCL, Hindustan Petroleum Corporation, Sun Pharmaceutical Industries and IndusInd Bank closed on a positive note.
Tata Steel, UPL and HCL Technologies declined by more than 2 percent. Power Grid Corporation, Indian Oil Corporation, Hero Motocorp, ICICI Bank, Yes Bank, Coal India and Reliance Industries shed 0.6 to 1.1 percent.
Alembic Pharmaceuticals spurted 20 percent after the company said it has received USFDA's nod for Bupropion Hydrochloride tablets in strength of 75 and 100 milligrams.
Punjab National Bank gained 1 percent on reports the bank is set to divest its stakes in PNB Housing Finance, its housing finance unit, and other entities like BSE, ICRA and Crisil in a phased manner.
Welspun Corp surged 3.7 percent after the company bagged contracts for supply of API pipes in to the America's market. The new contracts have resulted in the company's order book's value rising to over Rs 11000 crore.
by P2PNews Staff Writer