Sensex off day’s high, Nifty slips below 8,000 mark:22-Nov-2016

Share Market Updates

The benchmark indices pared some of early gains with the S&P BSE Sensex falling below 26,000 level, while the broader Nify50 also went below its crucial 8,000 mark.

Market came off day’s high even as Asian markets continued to trade higher tracking overnight gains on Wall Street after the oil prices surged to a three week high in Monday’s trade.

At 09:55 am, the S&P BSE Sensex was trading at 25,878, up 108 points, while the broader Nifty50 was quoting 7,965, up 36 points.

“Although, our trade set up did not work well, we still expect a sharp bounce towards 8,120-8,280 in the near term. The support is now seen at 7,900-7,880,” said brokerage Angel Broking in a research note.

On Monday, foreign institutional investors were net sellers with net equity sell value of Rs 1,310.82 crore, while domestic institutional investors bought equities worth Rs 1,211.01 crore, provisional data available with BSE suggested.

Sectors and stocks

BSE Metal was the top sectoral gainer and jumped over 2% to 9975.20. Hindalco (3.43%), Vedanta (2.72%) and Hindustan Zinc (2.30%) contributed to the gains.

After 11% fall since demonetization move, the BSE Consumer Durables index added nearly 2% led by gains in PC Jewellers (5%), TTK Prestige (3.68%), Whirpool (2.38%) and Blue Star (1.86%).

Adani Ports was the top gainer on the Sensex and added 2% on the BSE.

Among decliners, Sobha tumbled over 4% after the Bengaluru-based real estate company’s consolidated net profit came inflat at Rs 38.4 crore in the September quarter. The company had posted net profit at Rs 38.8 crore in the same period of last financial year.

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