Market Live: Sensex off early highs, up over 100 pts; ITC soars 6% post CBEC move | Indian Share Market

Indian Share Market


Market Live: Sensex off early highs, up over 100 pts; ITC soars 6% post CBEC move

At 9.25 am, the BSE Sensex was trading 152 points, or 0.49 per cent, higher at 31,074.06. The index was up over 330 points in the opening trade. The Nifty 50 was trading 36.15 points, or 0.0.38 per cent, hiher at 9,557.05. Midcap and smallcap indices fell up to 0.50 per cent.

Asian markets were trading mixed. Japanese market inched up even as Japanese Prime Minister Shinzo Abe’s party suffered a crushing defeat in Tokyo elections. Chinese stocks were trading flat.  ITCBSE 5.25 % surged 6.11 per cent to Rs 343.65. Maruti Suzuki advanced 1.25 per cent to Rs 7,308. The car maker has cut prices of its vehicles between Rs 2,300 and Rs 23,400 a unit after teh GST rollout.

Equity benchmarks’ opening gains reduced by more than 50 percent due to correction in HDFC Group, oil, infra and select technology stocks.  ITC also erased some opening gains but still maintained its top position in the buying list among Sensex stocks, up 6 percent.  The 30-share BSE Sensex was up 130.52 points at 31,052.13 and the 50-share NSE Nifty  rose 30.75 points to 9,551.65.

About 1,067 shares advanced against 438 declining shares on the BSE.  9:25 am Fund flows into India: Sanjeev Prasad of Kotak Institutional Equities said listed fund flows to India continued to be net buyers since the beginning of CY17.  India has received USD 1.8 billion of inflows, driven by USD 943 million of ETF inflows  and USD 856 million of non-ETF inflows, he added.

He further said Global Emerging Market (GEM) funds saw USD 988 million of inflows, led  by USD 617 million of ETF inflows. India-dedicated funds saw an inflow of USD 614  million, he added.  Allocations to India and China constitute more than one-third of the average Asia ex-  Japan fund portfolio. Allocation to India by Asia ex-Japan funds has come down to 13.3  percent in May from 13.6 percent in April.

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