The market erased all its early gains amid consolidation, dragged by HDFC Group, PSU banks, infra and auto stocks. However, technology and FMCG stocks continued to support.
The 30-share BSE Sensex fell 18.33 points to 28315.92 and the 50-share NSE Nifty lost 1.95 points to 8791.60 despite positive Asian cues.
Anand Mour of ICICI Securities says investor sentiment seems to have improved, especially in the aftermath of global and domestic uncertainties, though some shadows linger on implementation of a few policies and panning of global events, particularly in the US.
Global fund reallocation is positive for the Indian geography amongst the emerging markets, and new fund flows are likely, he feels.
Most participating corporates, especially with higher exposure to domestic businesses, reflected a similar sentiment of cautious optimism and are looking beyond the short-term impact of demonetisation, Mour says.
Reliance Defence shares rallied 4 percent after the Reliance Infrastructure controlled company selected to undertake repair and maintenance works for US Navy at, Pipavav, Gujarat.
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