Wednesday, 7 December 2016

Sensex, Nifty firm as investors await RBI policy; TCS, ITC drag

Adani Ports, HDFC, Hero MotoCorp, NTPC and Bharti are top gainers while Sun Pharma, TCS, ITC, Lupin and Dr Reddy's Labs are losers in the Sensex. 

The market is still steady with the Nifty above 8150 comfortably. The 50-share index is up 23.25 points or 0.3 percent at 8166.40 and the Sensex is up 62.87 points or 0.2 percent at 26455.63. About 1343 shares have advanced, 760 shares declined, and 118 shares are unchanged.

Adani Ports, HDFC, Hero MotoCorp, NTPC and Bharti are top gainers while Sun Pharma, TCS, ITC, Lupin and Dr Reddy's Labs are losers in the Sensex.

Meanwhile, a Reuters Poll showed the Sensex is expected to rise next year but it may not scale record highs predicted a few months back mainly because Prime Minister Narendra Modi's shock currency ban is seen knocking economic growth in the next few quarters.

Indian shares fell over 6 percent a day after the November 8 announcement by Modi outlawing high-value bank notes, coinciding with a shakeout in global financial markets after Donald Trump's victory in the US presidential election.

Nifty holds 8150 ahead of RBI policy; banks, auto shares lead

Equity benchmarks continued to trade higher with moderate gains ahead of the outcome of monetary policy committee. All economists say they expect the RBI to cut repo rate by 25 basis points but if more than that comes then that would be bonus points.
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