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24
November 2016
I had
mentioned in Wednesday’s closing report that Nifty and Sensex, which ended on a
positive note might witness volatility. Equity benchmarks snapped their two-day
winning streak on Thursday with the Nifty closing below the 8,000 level amid
consistent weakness in rupee and expiry of November derivative contracts. The
wider 51-scrip Nifty of the National Stock Exchange (NSE) receded by 67.80
points or 0.84% to 7,965.50 points. The key Indian indices closed with losses
of more than half a per cent each, as banking, automobile and healthcare stocks
witnessed selling pressure. The Total
Investment & Insurance Solutions
 |
| Major Indices (The Total Investment & Insurance Solutions) |
Continued disruption in Rajya Sabha
by opposition parties over demonetisation also dented market sentiment.
Pandemonium over the demonetisation decision continued in the Lok Sabha on
Thursday, forcing the adjournment of the house for the day. The government
efforts to break the logjam failed to cut ice with opposition lawmakers.
Heightened chances of a US rate
hike, continued outflow of foreign funds and subdued derivatives expiry
roll-overs suppressed the Indian equity markets on Thursday.
The 30-share BSE Sensex was down
191.64 points or 0.74% at 25,860.17 and the 50-share NSE Nifty slipped 67.80
points or 0.84% to 7,965.50 while the broader markets outperformed benchmarks.
The BSE Midcap and Smallcap indices declined only 0.1% as the market breadth
was positive. About 1,350 shares advanced against 1,205 declining shares on the
exchange.
The BSE market breadth was tilted in
favour of the bulls -- with 1,341 advances and 1,215 declines. The Total Investment
& Insurance Solutions
The rupee fell to its record low
level of 68.862 during the intraday trade on Thursday on account of buying of
the US dollar by the banks and importers. The domestic currency has fallen
around 4% since the demonetisation of higher currency notes by Prime Minister
Narendra Modi on November 8. The Total Investment & Insurance
Solutions
In terms of investments, provisional
data with exchanges showed that the foreign institutional investors (FIIs) sold
stocks worth Rs2,010.15 crore, whereas the domestic institutional investors
(DIIs) purchased scrips worth Rs1,648.22 crore.
Shares of exporters from the IT
(information technology) sector soared up to 10 per cent in Thursday's trade
after the rupee hit a record low of 68.86 against the US dollar. Among IT
stocks, Nucleus Software soared 10% to Rs223.60, Tanla Solutions (BSE) spurted
6.41% to Rs41.50 and Intellect Design Arena surged 3.6% to Rs136.10. From four
biggies, Infosys gained 1.14%, TCS rose 1.27%, Wipro spurted 0.91% and HCL
Technologies spiked 0.56%.
The top gainers and top losers of
the major indices are given below:
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Top Gainer (The Total
Investment & Insurance Solutions)
Stocks rose ahead of the
Thanksgiving holiday, with both the Dow Jones Industrial Average and the
S&P 500 adding to their impressive 2016 gains with minor upticks. Japan's
Nikkei share average rose for a sixth day on Thursday helped by hopes for
better exporters' earnings as the dollar jumped against the yen. Precious
metals fell below $1,200 per ounce for the first time since February. The Total Investment
& Insurance Solutions
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| Asian Indices (The Total Investment & Insurance Solutions) |
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