Moneycontrol
Oct 20, 2016 07:28 AM IST IST | Source: Moneycontrol.com

Sensex closes below 28000 on profit booking in ITC, ICICI, HDFC

After a sharp run in previous session, equity benchmarks paused for breath Wednesday, with the Sensex closing below 28000 level on profit booking in ITC, ICICI Bank and HDFC. Global markets too were volatile ahead of ECB policy meet on Thursday.


Moneycontrol Bureau


After a sharp run in previous session, equity benchmarks paused for breath Wednesday, with the Sensex closing below 28000 level on profit booking in ITC, ICICI Bank and HDFC. Global markets too were volatile ahead of ECB policy meet on Thursday.


The 30-share BSE Sensex finally settled at 27984.37, down 66.51 points and the 50-share NSE Nifty closed at 8659.10, down 18.80 points after consolidation.


The rangebound trade may continue in near term but by the end of 2016, the Sensex is likely to hit record high, feel experts.


"I continue to believe that by December 31, Sensex should cross 30,000 and Nifty should cross 9,300," G Chokkalingam of Equinomics Research and Advisory said.


According to him, the global factors such as rate hike by the US Federal Reserve and US Presidential Elections are unlikely to have a major impact of Indian markets.


The broader markets outperformed benchmarks with the BSE Midcap index rising 0.06 percent and Smallcap 0.55 percent on positive breadth. About 1633 shares advanced against 1179 declining shares on the exchange.


Oil, healthcare and select technology stocks continued to gain whereas FMCG, auto and select banks stocks were under pressure on profit booking.



BHEL shares gained 3.75 percent after CLSA upgraded the stock to buy from sell and raised target price to Rs 164 (from Rs 155) following a 15 percent decline in the stock over the past six weeks and improved EPS visibility on the legal victory by its client Tamil Nadu Generation and Distribution Corporation (TANGEDCO) in Ennore project.


Sun Pharma rose 0.9 percent after the company announced collaboration with ICGEB to develop novel dengue vaccine and to explore commercialisation opportunity for vaccine across India, EMs, Japan & US.


Reliance Industries gained 0.7 percent ahead of September quarter earnings on Thursday. (Disclosure: Reliance Industries owns Network 18 that publishes Moneycontrol.com)


Among others, Lupin, Adani Ports, Wipro and GAIL gained 1-3 percent whereas ITC and ICICI Bank fell more than 2 percent followed by HDFC, Tata Motors, TCS, SBI and HUL.


Newly listed Endurance Technologies closed at Rs 646.90, up 37 percent over its issue price of Rs 472.


Indraprastha Gas climbed 2 percent after National Green Tribunal pushed for CNG and PNG as vehicular fuel across 5 states. Dewan Housing Finance rallied 3.2 percent today and surged nearly 18 percent in four consecutive sessions due to strong Q2 earnings.


Havells India surged nearly 5 percent after the electric equipment maker missed earnings expectations on profit and operational front in Q2.

On the global front, European stocks were mixed, following a raft of data out of China which showed government spending had helped the world's second-largest economy to stabilise. Asia too ended mixed. Meanwhile, crude oil prices rose by around 1 percent, boosted by evidence of declining production in China and falling US inventories, while an upbeat OPEC statement on its planned output cut also supported the market.

Sections
Follow us on
Available On