Benchmark indices pared all initial gains to turn red on Monday, the first trading session of 2017 after the market ended year 2016 on a positive note.
Lending rate cuts by the two biggest PSU banks and Narendra Modi's announcement of new sops to boost low-cost housing ahead of the Union Budget affected the sentiment.
Globally, markets in Japan, China, Hong Kong, Singapore, the US and the UK, among others, are closed for the day on account of New Year's Day.
At 09:58 am, the S&P BSE Sensex was trading at 26,544, down 82 points, while Nifty50 was ruling at 8,162, down 24 points.
Broader markets outperformed the headline indices with BSE Midcap and BSE Smallcap gaining 0.14% and 0.55%, respectively.
"The last couple of days’ rallies has been strong and is capable of continuation. But, being in the vicinity of internal trend line resistance at 8,235, upside conviction could get tested today. If 8,147 holds early slippages, potential for upsides may remain intact. But slippage past the same should work the other way round, and a break past 8,100 could be taken as a sell signal aiming 7,900-7,800 again," said Geojit BNP Paribas in a note.
On Friday, foreign investors turned net sellers with net sale value of Rs 585.6 crore, while domestic investors bought equities worth Rs 725.26 crore, provisional data available with BSE showed.
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