Nifty snaps two-day losing streak to close at 19,306

by IANS |

New Delhi, Aug 28 (IANS) Domestic equities traded in the positive territory amid gains in global markets after China announced a 0.1 per cent duty cut on stock trades to aid its ailing stock market with a likeliness of more stimulus in future, said Siddhartha Khemka, Head of Retail Research at Motilal Oswal Financial Services.

The Nifty snapped a two-day fall to close with gains of 40 points at 19,306 levels. The broader market outperformed with the Nifty midcap 100 up 0.5 per cent while the Nifty smallcap 100 was up 0.7 per cent. The Sensex too broke a two-day losing streak as to rose 110 points or 0.17 per cent to close at 64,996.60.

All sectors ended in green except for IT, FMCG, and oil & gas.

Reliance Industries was in focus in the second half of the day with the kick-start of its 46th AGM where it announced the launch of JioAirFibre.

Markets are likely to remain in consolidation mode this week amid key events including the release of domestic GDP data, monthly expiry, and domestic and global macroeconomic data.

Also, 7 per cent deficit in June-September monsoon could keep upside limited, Khemka said.

Volumes on the NSE were lower than the recent average. Broad market indices rose more than the Nifty even as the advance decline ratio stayed above 1:1, said Deepak Jasani, Head of Retail Research at HDFC Securities.