Sensex Choppy Ahead Of Budget Session, IT Stocks Fall
The Sensex and Nifty continued to trade in a choppy manner in today as caution prevailed on the Dalal Street ahead of government’s Budget session which will start tomorrow with the Economic Survey of India and Annual Budget presentation for financial year 2017-18 which will be presented by the Finance Minister Arun Jaitley on Wednesday. Analysts say that the Street would closely watch out on how the government plans its expenditure in the next financial year after government’s shock move to ban high value currency notes in November which as per economists slowed down the pace of the fastest growing major economies of the world.
Meanwhile, other Asian shares markets were also trading on a subdued note adding to the lacklustre trading in Indian share markets after President Donald Trump introduced immigration curbs that sparked criticism at home and abroad, adding to fears that his ‘America First’ policy may prove destabilising for the rest of the world.
Hong Kong’s Hang Seng index was down 0.06 per cent and Japan’s Nikkei fell 0.66 per cent.
Back home, Sensex was trading in narrow band. As of 12:17 p.m., the Sensex was down 10 points at 27,872 and Nifty was at 8,633, down 8 points.
On the sectoral front, buying was seen in heavyweight capital goods, healthcare, FMCG and realty stocks. While, IT shares were witnessing selling pressure after President Donald Trump introduced immigration curbs.
From the Nifty basket of shares, Larsen & Toubro was among the top Nifty gainers, the stock jumped nearly 2 per cent to hit high of Rs 1,467 after the company on Saturday announced a 38.85 per cent jump in its consolidated net profit at Rs 972 crore for the December quarter, said the government’s ‘cashless economy’ efforts have caused ‘disruption’ and its impact on business is yet to be assessed.
Idea Cellular, Bharti Airtel, ICICI Bank, UltraTech Cement, Dr Reddy’s Labs, Sun Pharma, ITC, Hindustan Unilever and Reliance Industries were also among the gainers.
On the other hand, Wipro, Hindalco, Infosys, TCS, Hero MotoCorp, HCL Technologies, Tata Motors, Ambuja Cements and HDFC were among the laggards.
Posted on January 30, 2017, in Uncategorized and tagged Budget 2017-18, Economic Survey of India, Finance Minister Arun Jaitley, Nifty, Sensex, Stock Markets, Union Budget. Bookmark the permalink. Leave a comment.