Mumbai, July 2 (IANS) Markets remained subdued for the better part of the trading session on Tuesday, owing to the flood-like situation in financial capital Mumbai, and caution ahead of the Budget.
Besides, poor auto sales figures and a dip in the GST collection, indicative of slowdown in consumption, resulted in low participation in the markets.
However, Sensex managed to end 130 points or 0.33 per cent higher at 39,816.48, with most gain coming during the final hour of the trade.
The broader Nifty50 advanced by 44.70 points to 11,910.30 led by IT companies.
“IT index out-performed due to the fall in rupee while momentum was seen in bond as premium valuation on equity influenced risk averse to stay on bonds. Trade war concern of US-China subsided but a fresh trigger emerged due to additional tariffs on the European Union, impacting the global market,” said Vinod Nair, Head of Research, Geojit Financial Services.
Rating agency ICRA lost over 5 per cent a day after its board decided to send its MD and CEO, Naresh Takkar on a compulsory leave till the probe in the IL&FS case is completed.
“The Board of Directors of ICRA Limited has, at its meeting today, decided, pending the completion of the examination of the concerns raised in the anonymous representation that was forwarded to the Company by SEBI to place Mr Naresh Takkar on leave,” ICRA said in a regulatory filling.
While Sun Pharma, Tata Motors and Yes Bank lost the most among the Nifty50 stocks, UPL, ONGC and IndiaBulls Housing Finance gained the most.
“We expect the market to continue finding support at 11,600 level and the index is expected to trade in the range of 11,600-11,900 until the budget announcements, beyond which we might witness volatility. Until then, we expect the market to continue with its consolidation,” said Gaurav Garg, Head of Research CapitalVia Global Research