Nifty settles June F&O series a tad above 9,500; Sensex ends flat

Market breadth depicted strength. There were almost 3 gainers against every loser on BSE

The benchmark indices pared most of intraday gains to close flat with the S&P BSE Sensex ending below its crucial 30,000-mark, while the Nifty50 settled the June F&O series just a tad above 9,500.

The 30-share Sensex closed at 30,857, up 23 points, while the broader Nifty50 ended at 9,504, up 13 points.

In the broader market, the S&P BSE Midcap and the S&P BSE Smallcap indices outperformed to gain 0.3% and nearly 1%, respectively.

Market breadth depicted strength. There were almost 3 gainers against every loser on BSE. 1,604 shares rose and 967 shares declined. A total of 166 shares were unchanged.

"Expectations of relaxation of RBI’s provision norms gave banks a temporary relief, but expiry dynamics held sway over markets, resulting in a volatile day. Concerns regarding GST rollout should remain a persistent theme for some time as clarity emerges on treatment of old inventory,” said Anand James, Chief Market Strategist, Geojit Financial Services.

Sectors and stocks

Nifty PSU Bank index (down 0.8%) extended losses for the fourth consecutive sessions. The index had risen as much as 1.2% in intraday trade. Oriental Bank, State Bank of India and IDBI Bank slipped up to 2% on the NSE.

Axis Bank, up nearly 4%, was the top gainer on Sensex. The stock recorded its biggest intraday gain in over four months.

Kotak Mahindra Bank (down 2%) was the top loser on Sensex.

IT stocks advanced in intraday trade, but the Nifty IT index settled little changed.

Shares of drugmaker Eris Lifesciences rose over 4% on their trading debut on Thursday. The stock ended 0.3% lower at Rs 601 against its issue price of Rs 603.

Rashtriya Chemicals and Fertilizers fell as much as 5.4% after the company said on Wednesday that the government would divest 5% stake in the firm.

Global markets

European markets steadied as bank stocks extended a winning streak, after the US Federal Reserve cleared capital return plans from big banks.

The pan-European Stoxx 600 was down 0.1, France's CAC 40 dipped 0.5%, while Britain's FTSE added 0.3%.

Asian stocks ended higher, taking cues from a stronger finish in US markets.

China's Shanghai Composite and Japan's Nikkei gained 0.4% each, while Hong Kong's Hang Seng index added over 1%.

MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.8% to its highest since May 2015.

Photograph: Arko Dutta/Reuters