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Sensex lower, Nifty ends at 8236; ONGC top losers

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Major headlines

·         India counts on Japan for ecofriendly cars logistics:

·         RBI imposes Rs 3 cr penalty on Lakshmi Vilas Bank

·         Cisco unveils initiatives to digitally empower girls in Rajasthan

INDEX PERFORMANCE

 

 

Index

Close

% Chg

Sensex

26,26.55

-0.12

Nifty

8,236.05

-0.09

Indian Indices: Indian equity benchmarks continued to trade choppy in late afternoon session, as the quarterly reporting season kicked in, with investors concerned that the government's move to ban high-value notes would hit corporate earnings. Sentiments remained dampened with domestic rating agency, ICRA’s report that the advance estimate of 7.1 per cent GDP released by Central Statistical Organisation (CSO), will have major errors as it does not include the data for the months after demonetization. The agency pegged the expected growth for 2016-17 lower at 6.8 per cent. However, some support came with the Finance Minister ArunJaitley’s statement that the currency squeeze in November and December failed to hit revenue mop up, with direct and indirect tax collection from April to December showing a double-digit increase. For the period April - December 2016, Direct Tax and Indirect tax collection have shown a growth of 12.01% and 25% respectively over the corresponding period last year.

The BSE Sensex is currently shut down at 26726.55, down by -32.68 points or 0.12% after trading in a range of 26701.18 and 26860.88. There were 15 stocks advancing against 15 stocks declining on the index.The broader indices were trading in green; the BSE Mid cap index was up by 0.29%, while Small cap index was up by 0.50%.

The CNX Nifty is currently closed at 8236.05, up by -7.75 points or 0.09% after trading in a range of 8227.75 and 8263.00. There were 27 stocks advancing against 24 stocks declining on the index.

MARKET INDICATORS

·           

 

Top Movers (Group A)

 

 

Company

Cmp

% chg

Gainers

 

 

BEML

1157.75

16.55

MMTC

70.40

13.09

BIOCON

1013.00

5.74

STAR

1159.80

5.61

Losers

 

 

Cadila

361.20

-4.77

DRREDDY

3066.00

-3.00

ONGC

198.05

-2.17

Amarraja

903.30

-2.67

Market Statistics

 

 

 

BSE

NSE

Advances

1397

648

Declines

1190

811

 

Market Sentiment:

The market breadth on BSE was positive in the ratio of 1397: 1190, while 159 scrips remained unchanged.

Crporate Front:

Regrob, a real estate brokerage company in India, has started a new-initiative where they have turned their employees into leaders by making them CEO for a day. The idea behind the initiative is to create new business leaders from the existing team and motivating them to reach new heights. Regrob aims to tap into the strategic and entrepreneurial ideas of its team members.

Macroeconomic front:

Moody's Investors Service and its Indian affiliate, ICRA, have forecasted that they see subdued prospects for India's banks, with both identifying asset deterioration as a key challenge over the medium term. "Asset quality will remain a negative driver of the credit profiles of most rated Indian banks and the stock of impaired loans.

 

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