Wednesday, 21 December 2016

Nifty ends at 1-month closing low, underperforms broader markets

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Equity benchmarks extended losses for the sixth consecutive session on Wednesday, dragged by technology, FMCG and select banks stocks. The market started off trade on a positive note following Asian peers but erased gains in late trade on weak European cues. Investors will closely watch tomorrow's GST meeting. The 30-share BSE Sensex was down 65.60 points at 26242.38 and the 50-share NSE Nifty slipped 21.10 points to 8061.30, the lowest closing level since November 24. Benchmark indices underperformed broader markets. 

The market breadth was negative as about 1410 shares declined against 1169 advancing shares on the BSE. Experts say consolidation with a negative bias may continue in near term but the consistent fall in market might be indicated that investors are concerned about the demonetisation and its short term and long term impact on the economy.

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