Mumbai, India (BBN) – The Sensex and Nifty trimmed their initial gains and were trading flat due to fresh selling in PSU, consumer durables, healthcare and capital goods stocks amid firm Asian cues.
Domestic sentiment was hit as the index of industrial production (IIP) contracted by 0.4 per cent in December 2016 and manufacturing growth dipped by 2 per cent, reports The Hindu Business Line.
Among 10.07 am, the 30-share BSE index Sensex was up 32.71 points or 0.12 per cent at 28,366.96 and the 50-share NSE index Nifty was up 13.4 points or 0.15 per cent at 8,806.95.
Among BSE sectoral indices, metal index gained the most by 1.14 per cent, followed by power 0.5 per cent, IT 0.44 per cent and TECk 0.39 per cent. On the other hand, PSU index was down 0.27 per cent, consumer durables 0.15 per cent, healthcare 0.15 per cent and capital goods 0.08 per cent.
Top five Sensex gainers were Tata Steel (+1.49 per cent), Power Grid (+1.35 per cent), M&M (+1.25 per cent), GAIL (+0.92 per cent) and NTPC (+0.88 per cent), while the major losers were Coal India (-1.92 per cent), HDFC (-0.68 per cent), Hero MotoCorp (-0.45 per cent), SBI (-0.38 per cent) and Cipla (-0.34 per cent).
The dollar rose against the yen on Monday on relief that US President Donald Trump set aside tough campaign rhetoric over security and jobs in a smooth meeting with Japanese Prime Minister Shinzo Abe, with no mention of currency policy.
Asian stocks ticked up, helped by renewed optimism over Trump’s tax reform plans, generally upbeat global economic data and Trump’s change of tack to agree to honour the “one China’’ policy.