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.
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Oct 20, 2016, 07.28 AM | 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.

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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.

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16:07
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.

14:00
Fertiliser stocks gained momentum with Chambal Fertilisers, Deepak Fertilisers, FACT, GNFC, Madras Fertilisers, NFL, Zuari Agro and Zuari Global rising 6-13 percent.

Read More »

13:00
FMCG, banks and auto stocks are under pressure. ICICI Bank, ITC, Tata Motors, Hero MotoCorp and M&M are losers while BHEL, Wipro, Lupin, GAIL and Sun Pharma.

Read More »

12:00
Benchmark indices remained rangebound in noon trade with the Nifty hovering around 8675 level as investors awaited September quarter earnings.

Read More »

11:00
BHEL, GAIL, Wipro, Sun Pharma and Lupin are top gainers while ITC, ICICI, M&M, Hero and Tata Motors are losers in the Sensex.

Read More »

10:00
Equity benchmarks continued to consolidate after yesterday's sharp run as investors awaited more quarterly earnings. The broader markets marginally outperformed benchmarks. Endurance Technologies surged 22 percent on debut. The stock opened at Rs 572 per share against issue price of Rs 472 per share.

Read More »

09:15
BHEL, Asian Paints, HDFC Bank, Sun Pharma and Axis Bank are top gainers while Tata Motors, Coal India and L&T are losers in the Sensex.

Read More »

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

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