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Markets end flat as Trump-Kim rendezvous takes centrestage

Tuesday, June 12, 2018

Benchmark indices succumbed to a sudden late-session sell-off to end with modest gains yesterday as investors pared their portfolios amid mixed overseas cues.

Global markets shrugged off an unprecedently fractious G-7 summit and focussed on the upcoming meeting between US President Donald Trump and North Korean leader Kim Jong Un in Singapore.

The BSE Sensex, which had soared over 232 points in intra-day deals, finally closed at 35,483.47 -- up by just 39.80 points. The broader NSE Nifty rose 19.30 points to 10,786.95, after breaching the 10,800-mark in morning trade.

Telecom, consumer durables and healthcare stocks led the gains. Banking stocks too saw buying interest after the government last week constituted a panel for faster resolution of bad loans.

Meanwhile, domestic institutional investors bought shares worth a net Rs 459.44 crore, while foreign portfolio investors sold equities to the tune of Rs 222.50 crore on Friday, provisional data showed.

"Market traded positively during most part of the day supported by favourable global cues. However, a consensus estimate of higher CPI inflation for the month of May at 4.8% and caution ahead of FOMC meeting during the week influenced profit booking.

"On the other hand, progressing monsoon and positive outlook on rural economy will give some respite to equity in the near term," said Vinod Nair, Head of Research, Geojit Financial Services.

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