Equity indices extend gains for 4th consecutive session

Mumbai: Equity benchmark indices extended gains for the fourth consecutive session on Thursday but closed on a lackluster note as hints of profit booking weighed in.

The Bombay Stock Exchange S&P Sensex closed 89 points higher at 36,725 while the National Stock Exchange Nifty 50 moved up 5 points to 11,058.

Among the prominent gainers were Larsen & Toubro which closed 2.7 percent higher, Mahindra & Mahindra, Axis Bank, State Bank of India and Power Grid. The biggest losers were Indian Oil, Coal India, Wipro, and NTPC.

Meanwhile, Asian shares were sluggish as global growth concerns returned.

On Wednesday, the OECD projected that the global economy will grow by 3.3 percent in 2019 and 3.4 percent in 2020. As major risks persist, the growth is weakening much more than expected in Europe and much of G20 countries.

Asian investors also awaited fresh clues on the progress of US-China trade negotiations. Experts said the Chinese
macroeconomic data remains weak at the moment.

Beijing has announced billions of dollar in tax cuts to boost domestic consumption further this year. It will boost infrastructure spending to reduce the risk of an economic slowdown.