Sensex, Nifty50 slip for 3rd day; Bharti Infratel, Sun Pharma slip
By Rahul Oberoi
NEW DELHI: Benchmark equity indices BSE Sensex and NSE Nifty extended their losses for a third straight session on Wednesday as widening trade deficit to almost 3-year high weighed on market sentiment.
The 30-share BSE Sensex closed 181.43 points, or 0.55 per cent, down at 32,760.44, while NSE Nifty index settled 68.55 points, or 0.67 per cent, down at 10,118.
Moreover, profit booking as well as subdued global cues further impacted market mood.
Trade deficit increased to almost three-year high of $14 billion during the last month as against $11.13 billion in October 2016 as imports surged.
ICICIdirect.com said, “The Nifty retraced most of the gains after almost testing 10,500 levels in the first part of November series. Profit booking among index heavyweights post their quarterly results have led to the current declines in market.”
As many as 37 components in Nifty index closed in red with Bharti Infratel falling the most 4.17 per cent, followed by Sun Pharma (down 4.09 per cent), Vedanta (down 4.03 per cent), UPL (down 2.89 per cent) and Hindalco (down 2.82 per cent).
On the other hand, BPCL, Asian Paints, Ambuja Cement, Tech Mahindra and Eicher Motors gained 2.83 per cent, 2.42 per cent, 2.27 per cent, 1.66 per cent and 1.46 per cent, respectively.
Fall in global rubber prices supported tyre majors in Wednesday’s trade. Shares of TVS Srichakra closed 2.42 per cent up at Rs 3,235, while Balkrishna Industries, Ceat, MRF and Apollo Tyres advanced 3.78 per cent, 1.75 per cent, 0.97 per cent and 0.17 per cent, respectively.
Sectorwise, the BSE Metal index suffered the most after the commodity prices slipped in global markets. The index slipped 3.04 per cent, followed by Telecom (down 2.57 per cent), Realty (down 1.76 per cent), Power (down 1.55 per cent) and Healthcare (down 1.31 per cent). Other indices on BSE also closed in red.
Nikhil Kamath, Co-Founder and Head of Trading, Zerodha believes that there is still a lot of froth in the markets. “We advocate holding on to the short positions at the current juncture,” he said.
Asian peers Hang Seng, Nikkei and Shanghai slipped up to 1.57 per cent on Wednesday.
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Via:: Economic Times – Stocks