Mid-Session: Bears continue to dominate D-Street; metal, realty stocks drag
08/03/2017 12:27
NIFTY FUT TREND : BUY ZONE
BANKNIFTY FUT TREND : BUY ZONE
BANKNIFTY FUT TREND : BUY ZONE
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Indian equity benchmarks continued their southward journey during the noon trading session on Wednesday on increased selling pressure mainly in the metal and realty sector stocks amidst mixed cues from fellow Asian peers followed by negative finish at Wall Street overnight.
At 12:14 hours, the 30-share barometer index of Bombay Stock Exchange, Sensex was at 28,850.39 down by 149.17 points or 0.51 per cent while the NSE Nifty was at 8,903.05 down by 43.85 points or 0.49 per cent.
Investors turned nervous ahead of the exit poll results due to be released on Thursday for the ongoing Assembly elections.
Moreover, mounting worries ahead of the US Fed meeting on March 14-15, to decide on the US interest rate hike, too influenced sentiment at D-Street.
Major show spoilers were Adani Ports & Special Economic Zone Ltd. (Rs. 302.00,-2.04%), Tata Steel Ltd. (Rs. 472.20,-2.03%), Axis Bank Ltd. (Rs. 502.60,-1.78%), Oil And Natural Gas Corporation Ltd. (Rs. 193.45,-1.43%), Mahindra & Mahindra Ltd. (Rs. 1305.85,-1.06%), among others.
The top gainers of the BSE Sensex pack were Power Grid Corporation of India Ltd. (Rs. 195.45,+0.46%), Cipla Ltd. (Rs. 589.00,+0.24%), Tata Consultancy Services Ltd. (Rs. 2503.50,+0.11%), Bharti Airtel Ltd. (Rs. 361.50,+0.08%), HDFC Bank Ltd. (Rs. 1387.10,+0.07%), among others.
The market breadth, indicating the overall strength of the market, was weak. On BSE, out of the total 2765 shares traded, 850 advanced while 1774 shares declined and 141 remained unchanged.
On the global front, Asian markets were mixed amid uncertainity over geopolitical risks in the region and expectations of US interest rate hike by the Federal Reserve in its two-day monetary policy meeting next week.
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