Healthcare, IT stocks push Sensex up 80 points

Healthcare, IT stocks push Sensex up 80 points

Domestic equity indices ended on a negative note for the second day running on Wednesday with BSE Sensex cracking 152 points or 0.46 per cent lower at 33,218.81 and Nifty50 closing the session at 10,303.15, down 47 points or 0.45 per cent. "Participants ignore the report showing rise in direct tax collections however rebound in selective index majors in last half an hour marginally trimmed the loss", said Jayant Manglik, President, Retail Distribution, Religare Securities.

At 12.30 p.m. the S&P BSE Sensex traded 24 points or 0.07 per cent higher.

Indian equities have eased from record highs as strengthening oil prices have fuelled concerns about the possibility of a widening fiscal deficit and accelerating inflation in the oil-importing nation.

Among BSE sectoral indices, oil & gas index fell the most by 1.18 per cent, followed by metal 1.14 per cent, PSU 0.61 per cent and consumer durables 0.5 per cent.

"Rising crude oil prices and a weakening rupee seemed to spoil the investor sentiments".

Reliance Industries Ltd ended 1.9 percent lower, while Bharti Airtel closed 3.7 percent down. "Shares of aviation companies, Jet Airways, SpiceJet, and InterGlobe Aviation, fell 3-5 per cent on the back of surge in crude oil prices on a global scale", he added.

Foreign portfolio investors (FPIs) bought shares worth a net Rs 576.27 crore yesterday, as per provisional data released by stock exchanges.

At 1 PM: Markets traded in red during afternoon trade.

Vinod Nair, Head of Research, Geojit Financial Services, said: "Political disturbance in Saudi is triggering high volatility in the crude prices, which is negative for India leading to depreciation in rupee".

Sector-wise, the S&P BSE healthcare index plunged by 510.98 points, followed by consumer durables index by 410.99 points and banking index by 366.04 points. Ashok Leyland reported a gain of 13.5 percent in the net profit at Rs 334.2 crore against Rs 294.4 crore year on year for September quarter.

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