Markets pare early gains; HDFC, Power Grid shares dip

23/11/2016 10:21

The key domestic benchmark indices were trading in a negative terrain in the morning trading session as volatility continued at the domestic bourses as traders roll over their positions ahead of tomorrow’s November futures & options (F&O).

Earlier, a positive trend across markets in Asia and a record finish at Wall Street overnight amid optimism that the US economy is strong enough to withstand a rise in interest rates by the Fed before the end of the year, had bolstered risk taking appetite.

Shares of PC Jeweller and Siemens will be in focus as these companies unveil their September quarter earnings.

The traders will also weigh the impact of the demonetization move which may chop off as much as 1 per cent from India’s full year 2016-17 GDP growth.

At 10:15 AM, the Bombay Stock Exchange bellwether Sensex was at 25948.72 down by 12.06 points or by 0.05 per cent, while the NSE Nifty was at 7991.8 points, trading lower by 10.5 points or by 0.13 per cent.

The BSE Sensex touched an intraday high of 26130.49 and an intraday low of 25892.21 while the the NSE Nifty touched an intraday high of 8055.2 and an intraday low of 7978.45

The top gainers of the BSE Sensex pack were Larsen & Toubro Ltd. (Rs. 1382.10,+3.98 per cent), Asian Paints Ltd. (Rs. 931.50,+2.66 per cent), Tata Steel Ltd. (Rs. 384.80,+1.80 per cent), Cipla Ltd. (Rs. 554.50,+0.86 per cent), Lupin Ltd. (Rs. 1424.00,+0.75 per cent), among others.

Meanwhile, Housing Development Finance Corporation Ltd. (Rs. 1217.20,-2.42 per cent), Power Grid Corporation of India Ltd. (Rs. 181.90,-1.20 per cent), Maruti Suzuki India Ltd. (Rs. 4884.00,-0.94 per cent), NTPC Ltd. (Rs. 152.75,-0.94 per cent), Wipro Ltd. (Rs. 445.90,-0.89 per cent), were among the top losers on BSE.

The Market breadth, indicating the overall strength of the market, was strong. On BSE out of total 1990 shares traded, 1206 shares advanced, 695 shares declined while 89 were unchanged.

On the global front, Asian stocks were trading higher today as Donald Trump’s win in the US Presidential elections boosted sentiment by raising speculation that he would bolster fiscal spending which may lead to tighter monetary policy.US stocks closed higher in the previous trading after sales of existing homes climbed to the highest level since February 2007, up 2 per cent to a 5.60 million annual rate in October, signalling momentum in the US housing market recovery.

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