Sensex, Nifty End Off Day's Highs; Metal Stocks Surge
(RTTNews) - Indian shares pared some early gains to end modestly higher on Thursday, tracking mixed global cues and a surge in international oil prices after OPEC and non-OPEC partners agreed to cut supply by 2 million barrels per day (bpd), which is equal to 2 percent of the global supply.
A weakening rupee and disappointing services sector activity also led to some profit taking at higher levels on the eve of weekly F&O expiry.
India's service sector activity expanded at the weakest pace in six months in September, as output and new orders rose at a slower rate amid inflationary pressures and competitive conditions, survey results from S&P Global showed earlier today. The corresponding index dropped to 54.3 in September from 57.2 in August.
The benchmark S&P BSE Sensex hit an intraday high of 58,578.76 before giving up some gains to end the session up 156.63 points, or 0.27 percent, at 58,222.10.
Likewise, the broader NSE Nifty index settled off its day's highs at 17,331.80, up 57.50 points, or 0.33 percent, from its previous close.
Metal stocks led the surge, with Tata Steel, Hindalco, Coal India and JSW Steel rallying 2-5 percent.
Bharti Airtel led losses to close 2.6 percent lower while Divis Laboratories, IndusInd Bank, HDFC and Hindustan Unilever dropped 1-2 percent.
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