Sensex falls 100 points, Nifty below 8,600 ahead of Economic Survey : 31 Jan 2017

bullish-bearish

The benchmark indices on Tuesday extended losses for the second straight day ahead of Economic Survey 2017-18 to be unveiled later today, while globally the largest drop so far in 2017 on Wall Street dampened the investor sentiment across Asian markets.

At 11:04 am, the S&P BSE Sensex was trading at 27,713, down 136 points, while the broader Nifty50 was ruling at 8,587, down 46 points.

In the broader market, BSE Midcap and BSE Smallcap indices slipped 0.3% each.

“Going ahead, Nifty may face a profit-booking at 8,700 mark. Momentum may cool down towards 8,700 and Nifty may touch the support levels of 8600- 8570 on downside. For intraday, the support lies at 8,520-8,470 and resistance placed at 8,640-8,670,” said brokerage Nirmal Bang in a technical note.

Meanwhile, foreign portfolio investors (FPIs) purchased equities to the tune of Rs 607.36 crore on Monday, as per provisional data. Domestic institutional investors were also net buyers and bought shares worth Rs 40 crore.

Buzzing stocks

ONGC was the top Sensex gainer to spike over 5% to Rs 212 on reports that the company has received the first installment of $19 million from Venezuela’s state oil firm Petroleos de Venezuela towards recovering pending dividend, reported Reuters quoting a senior company official.

Idea Cellular extended gains to rise over 7% to Rs 106 as investors believe the merger with Vodafone India will improve company’s finanaces. The stock had added over 29% in intraday trade on Monday.

Among losers, Tata Motors shed nearly 2% to Rs 523 on reports that the Jaguar Land Rover (JLR) has shelved its plan to manufacture a small SUV (sport utility vehicle) in India.

IT stocks such as TCS, Infosys and Wipro shed up to 2% as Trump is expected to sign a new executive order aimed at strangulating work-visa programmes, including the H1B and L1 visas used by Indian IT professionals, reported PTI.

Budget session begins

Finance Minister Arun Jaitley is all set to table Economic Survey 2017-18 as Budget session of the Parliament begins later today. Market will take cues from the economic data such as GDP growth estimates, fiscal deficit numbers and tax figures etc available in the Economic Survey.

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