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The Indian market saw a narrow-range trade with the benchmark Sensex and Nifty managing to post a record close while banks have underperformed. The 50-stock Index, Nifty closed with a gain of 12 points at 11,583 while the Sensex advanced 51 points to 38,337. Support to upside came from the usual name of Reliance that hit the market cap of Rs 8 lakh crore for the first time, with stock trading at record high. L&T also helped the index move higher post the announcement of Rs 9,000 crore share buyback at the maximum price of Rs 1,500/sh.
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Amongst losers, financials topped the chart with HDFC twins, Kotak Mahindra Bank and SBI being major laggards. Tata Motors also underperformed in today’s trade following reports that the US will levy a 25 percent import duty on cars made in Europe.
The underperformance by financials, dragged Nifty Bank 230 points to close just above 28,000. Midcap Index too closed 35 points lower at 19,599, keeping the market breadth in favour of declines with Advance-Decline ratio at 4:5.
Besides Reliance and L&T, pharma pack saw a major upmove today with the sectoral index, nifty pharma hitting the 52-week high of 10,142.50. Dr Reddy’s and Lupin were amongst top gainers. And, on the losing side, all three oil marketing companies (IOC, BPCL & HPCL) ended the session with a fall of over 2 percent each as Brent is held near $75/bbl wile Nymex trades near $68/bbl.
From the futures market, Nifty 11,600 Put option saw an addition of 6 lakh shares in the open interest with premium slipping 17 percent while Nifty 11,600 Call option added 1.6 lakh shares in the open interest with premium falling a little more than 6 percent. Nifty August Futures closed with a premium of 13 points against a premium of 16 points on Tuesday.
Asia markets closed mixed on Thursday — with mainland China markets recovering — as investors look to the trade talks between Beijing and Washington following the imposition of new US tariffs on Chinese goods during Asian hours.
Mainland China markets recovered from their earlier losses to close higher. The Shanghai composite ended the trading day up by 0.4 percent around 2,724.63 while the Shenzhen composite closed 0.6 percent higher at about 1,464. The smaller NASDAQ-style Chinext Composite ended the day up 1.1% to close at 1,758. Hong Kong's Hang Seng index closed 0.5 percent lower at 27,790. In Japan, the Nikkei 225 closed in positive territory, up 0.2 percent at 22,411. South Korea's KOSPI recovered from its earlier losses to close up 0.4 percent at 2,283. Down Under, the ASX 200 edged lower by 0.3 percent to close at 6,244.