Mumbai, India (BBN) – The Nifty and the Sensex were trading down by over 0.3 per cent due to heavy selling in FMCG, TECk, IT and capital goods stocks despite positive global cues.
At 3:23pm, the 30-share BSE index Sensex was down 84.37 points or 0.32 per cent at 26,223.61 and the 50-share NSE index Nifty was down 24.55 points or 0.3 per cent at 8,057.85, reports The Hindu Business Line.
Among BSE sectoral indices, FMCG index fell the most by 0.99 per cent, TECk 0.83 per cent, IT 0.8 per cent and capital goods 0.38 per cent.
On the other hand, realty index was up 1.65 per cent, consumer durables 1.26 per cent, power 0.53 per cent and PSU 0.52 per cent.
Top five Sensex gainers were Lupin (+1.22%), NTPC (+1.17%), Maruti (+1.11%), ONGC (+1.00%) and M&M (+0.87%), while the major losers were Sun Pharma (-2.27%), Axis Bank (-1.31%), ITC (-1.31%), TCS (-1.27%) and Hero MotoCorp (-0.96%).
The NASDAQ Composite rose to an all-time high while the Dow Jones industrial average flirted with the 20,000 mark, in a rally fuelled by optimism about US President-elect Donald Trump’s policies.
MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.31 per cent on Wednesday.
Investors now keep an eye out for the minutes of the Reserve Bank of India’s monetary policy committee (MPC) meeting earlier this month, expected later in the day, for clues about the economy and the central bank’s stance after demonetisation.
The central bank had unexpectedly kept its key policy rate unchanged on December 7, despite calls for action in the face of an intense cash shortage that threatens to slam the brakes on the world’s fastest-growing large economy.
“The feel-good factor has been missing from the market post-demonetisation,” said Neeraj Dewan, director at Quantum Securities.
“We will have to wait and watch if the government announces anything substantial early next year to lift investor sentiment. We can then expect a pre-budget rally.”
Analysts are of the view that markets will trade in a narrow range until the effects of demonetisation pan out with better clarity.
Financial stocks bounced back from the previous session’s losses and were the major contributors to the gains. ICICI Bank and State Bank of India rose up to 1.4 per cent each.
However, consumer stocks were among the biggest losers with ITC Ltd, the country’s largest cigarette maker, declining as much as 1 per cent.
A report by IFA Global said: “Asian stock markets are trading in the green, with Hang Seng index trading higher by 90 points and Nikkei index trading higher by 28 points after recovery in major global indices. US stock markets closed on a positive note. The Dow Jones Industrial Average closed higher by 91 points and Nasdaq index closed higher by 26 points. US equities closed at fresh record high levels as investors remained unfazed by geopolitical tensions. European stock markets closed on a positive note, with FTSE closed higher by 26 points and CAC higher by 27 points. European markets ended the day higher as investors digested news of two separate attacks in Germany and Turkish capital.”