Markets subdued as FM tables Economic Survey

31/01/2017 14:18

The key domestic benchmark indices continued to hover in red during the late noon trading session on account of selling witnessed in front line blue chip stocks. Investors remained cautious as FM Arun Jaitley tables Economic Survey for 2016-17.

At 14:15 hours, the 30-share benchmark index was trading at 27764.51 down by 85.05 points or by 0.31 per cent, while the NSE Nifty was at 8595.05 down by 37.7 points or by 0.44 per cent.

The Economic Survey predicted GDP growth rate at constant market prices for 2016-17 at 6.5 per cent, down from 7.6 per cent the previous year, following the negative impact of demonetisation.

However, it added that this growth rate would rebound to between 6.75 per cent and 7.5 per cent in 2017-18.

The Survey said that the agriculture sector will grow at 4.1 per cent in the current year up from 1.2 per cent in 2015-16.

The Sensex touched an intraday high of 27867.92 and an intraday low of 27633.55, while the NSE Nifty touched an intraday high of 8631.75 and an intraday low of 8555.15.

The top gainers of the BSE Sensex pack were Oil And Natural Gas Corporation Ltd. (Rs. 204.85,+1.59%), Bajaj Auto Ltd. (Rs. 2865.15,+1.41%), Power Grid Corporation of India Ltd. (Rs. 207.10,+1.02%), ITC Ltd. (Rs. 258.45,+1.00%), Larsen & Toubro Ltd. (Rs. 1451.95,+0.60%), among others.

The top losers of the BSE Sensex pack were Tata Consultancy Services Ltd. (Rs. 2236.30,-4.19%), Wipro Ltd. (Rs. 453.50,-2.40%), GAIL (India) Ltd. (Rs. 473.10,-2.19%), Infosys Ltd. (Rs. 927.75,-2.17%), Adani Ports & Special Economic Zone Ltd. (Rs. 297.70,-1.81%), among others.

Among the sectors, FMCG index was at 8583.24 up by 19.41 points or by 0.23%. Dhampur Sugar Mills Ltd. (Rs. 179.50,+2.92%), Bombay Burmah Trading Corporation Ltd. (Rs. 601.35,+2.58%), Emami Ltd. (Rs. 1040.00,+2.52%), Pioneer Distilleries Ltd. (Rs. 185.50,+1.20%), ITC Ltd. (Rs. 258.45,+1.00%),.

On the flip side, IT index was at 9592.13 down by -286.75 points or by -2.9%. Kellton Tech Solutions Ltd. (Rs. 117.95,-4.76%), Mahindra & Mahindra Ltd. (Rs. 450.70,-4.45%), Tata Consultancy Services Ltd. (Rs. 2236.05,-4.20%), MindTree Ltd. (Rs. 448.05,-3.82%), Sonata Software Ltd. (Rs. 192.75,-3.72%),.

The Market breadth, indicating the overall strength of the market, was weak. On BSE out of total shares traded 2920 , shares advanced were 841 while 1853 shares declined and 226 were unchanged.

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