Moneycontrol
Last Updated : Nov 17, 2016 08:37 AM IST | Source: Moneycontrol.com

Mood swings at D-St: Nifty ends marginally above 8100; ITC down

After briefly slipping below 8100 just before closing, the Nifty ended at 8111.60 up 3.15 points and the Sensex was down 5.94 points at 26298.69. About 1056 shares advanced, 1543 shares declined, and 155 shares were unchanged. ITC was hammered 3 percent at closing. ITC, Sun Pharma & Kotak Mahindra Bank dragged index the most.


Moneycontrol Bureau

It was a rollercoaster ride on Dalal Street with the market swinging between red and green throughout the day. Last 30 minutes saw spurt in selling as government contemplates to completely ban foreign direct investment (FDI) in the tobacco sector.

ITC was hammered down 3 percent at closing. ITC, Sun Pharma & Kotak Mahindra Bank dragged benchmark indices the most. Out of the total, 4 of top 5 Nifty losers were pharma stocks.


After briefly slipping below 8100 just before closing, the Nifty ended at 8111.60 up 3.15 points and the Sensex was down 5.94 points at 26298.69. About 1056 shares advanced, 1543 shares declined, and 155 shares were unchanged.


As market continues to battle backlash of demonetisation for another day, Gautam Chhaochharia of UBS Securities has said that disruption is short-term. UBS Securities expects it to last not more than a month. Chhaochharia said private banks are likely to benefit from CASA rising on account of demonetisation. He said that he expects NBFCs to see short-term impact on loan disbursements. He added that valuations in pharma sector look reasonable and is underweight on IT.


IT industry outperformed benchmark indices today but Nassom guidance cut may be risky. The IT industry body has lowered its growth guidance to 8-10 percent from 10-12 percent band in constant currency terms for FY17. It expects a slowdown in the bank and financial services segment in the US and also sees sluggishness in telecom vertical in Europe.


IT index closed up around 2 percent with TCS and Infosys as lead gainers. Other gainers in the Sensex were Asian Paints, Maruti, HDFC and Bharti Airtel.


Meanwhile, all tobacco related stocks were under pressure. The Union Cabinet is likely to soon consider a proposal to completely ban FDI in tobacco sector. Government has been working on this proposal after tightening norms regarding pictorial warnings on cigarette packets. The Commerce and Industry Ministry has forwarded the final cabinet note for the Cabinet's consideration.


Midcap index remained in green at closing. Bajaj Finance, Oberoi Realty, Amara Raja Batteries, LIC Housing and Shriram City were top gainers in the Sensex.  Midcap index remained in green at closing. Bajaj Finance, Oberoi Realty, Amara Raja Batteries, LIC Housing and Shriram City were top gainers in the Sensex

The winter session of the Parliament begun on a stormy note. The opposition rejected the Prime Minister's appeal for smooth functioning. Congress leaders said the Modi government has led India into financial anarchy.

First Published on Nov 16, 2016 04:18 pm
Sections
Follow us on
Available On