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Sep 17, 2020 03:35 PM IST | Source: Moneycontrol.com

Closing Bell: Sensex falls 323 points, Nifty ends below 11,550; banks, financials top drags

Most sectoral indices ended in the red today, with bank, financial, capital goods, metal and realty falling over a percent each.

  • September 17, 2020 04:18 PM IST

    Ajit Mishra, VP - Research, Religare Broking 

    We reiterate our view that a directional move in the markets seems difficult unless we see alignment between the Nifty and banking index. 

    Meanwhile, traders should maintain their focus on the sectors which are attracting buying interest and plan their trades accordingly. 

    IT and pharma are currently leading the pack and likely to continue with the upward bias. On the flip side, apart from the banking index, we may see profit-taking in select metal and auto names ahead.

  • September 17, 2020 04:13 PM IST

    Deepak Jasani, Head of Retail Research, HDFC Securities

    Nifty opened lower on September 17, made an attempt to recover but failed. In the process, over the past two days, it made lower tops. The advance-decline ratio too turned negative at 572:1022 suggesting that the rally in small and mid-caps is over for the time being. Finally, the Nifty closed the day 88 points, or 0.76 percent, down at 11,516.10. 

    Asian and European stocks weakened Thursday, with traders reacting to the US Federal Reserve’s decision laying out no additional stimulus and its cautious outlook on the world’s top economy. 

    The BOJ stood pat on its key interest rate and its asset purchases policy. The Bank of Japan upgraded its assessment of Japan’s economy on Thursday, saying it has started to pick up after a difficult period caused by the coronavirus pandemic. 

    Nifty reacted to negative global cues. However, the negativity may not last long though to rise materially from here it may need fresh positive triggers. 

  • September 17, 2020 03:49 PM IST

    Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments

    We recovered some ground after the gap down opening this morning. We are still looking strong and seem to be heading towards the potential target of 11,800. 

    Nifty has good support around 11,300 and till that level is held, markets will continue to remain in bullish terrain.

  • September 17, 2020 03:47 PM IST

    Vinod Nair, Head of Research at Geojit Financial Services

    Indian markets reacted in sync with global markets after the US Fed reserve failed to keep up with the expectations of the investors. 

    In spite of pledging to keep interest rates low, markets were disappointed with the lack of further inputs or immediate stimulus measures. 

    Continued border tensions with China also worried Indian markets. Markets are expected to remain uncertain and investors are advised to remain cautious.

  • September 17, 2020 03:43 PM IST

    S Ranganathan, Head of Research at LKP Securities

    The Sensex shed some weight today to end the day at 39k even as the IPO- Happiest Mind created a whopping 135 percent gain for its lucky investors on listing. 

    Today we saw IT and pharma bucking the weak trend as smart buying was seen across several counters in both the sectors. HNI accumulation was witnessed across cyclicals in todays trade.

  • September 17, 2020 03:39 PM IST

    Market closing: Sensex closed the day 323 points, or 0.82 percent, lower at 38,979.85 while Nifty ended 88 points, or 0.76 percent, down at 11,516.10.

    BSE Midcap and Smallcap indices closed 0.24 percent and 0.53 percent lower, respectively. Among the sectors, barring BSE Healthcare, IT and Teck, all closed in the red. 

     Market closing:  Sensex closed the day 323 points, or 0.82 percent, lower at 38,979.85 while Nifty ended 88 points, or 0.76 percent, down at 11,516.10. 

 BSE Midcap and Smallcap indices closed 0.24 percent and 0.53 percent lower, respectively. Among the sectors, barring BSE Healthcare, IT and Teck, all closed in the red. 
  • September 17, 2020 03:20 PM IST

    Power Grid: Power Ministry has given nod to monetise the company's assets held in Special Purpose Vehicles (SPVs) through InvIT (Infrastructure Investment Trust).

    As per CNBC-TV18, Power Ministry has conveyed to CCEA about its nod to monetise company's assets in SPVs.

    Shares of Power Grid traded 2.07 percent lower at Rs 168.35 on BSE at 15:20 hours. 

  • September 17, 2020 03:02 PM IST

    Keshav Lahoti - Associate Equity Analyst, Angel Broking

    L&T Construction on Thursday announced that it is awarded significant contracts for its metallurgical and material handling business. Significant contracts mean order in the range Rs 1,000-2,500 crore. 

    This is a positive development for the company, although order size is quite small compared to its order book nearly Rs 3 lakh crore. 

    Considering the small size of the order, the stock has not reacted to this news. Market would be keenly watching government spends on the infrastructure sector in the environment of muted private capex. 
    Things are in an improving trend for the company as labourers count are increasing and the economy is on the path of recovery.

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