Wednesday, 14 December 2016

Nifty hovers around 8200; HDFC group stocks fall, RIL gains

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Equity benchmarks continued to consolidate in morning trade, with the Nifty hovering around 8200 level. Investors maintained caution ahead of the outcome of policy meeting of Federal Reserve due tonight. The 30-share BSE Sensex was down 51.26 points at 26646.56 and the 50-share NSE Nifty fell 20.85 points to 8200.95. The market breadth was marginally positive as about 937 shares advanced against 782 declining shares on the BSE. Coal India retained its top position in the selling list, down nearly 3 percent after profit in Q2 fell sharply by 77.4 percent year-on-year to Rs 600.4 crore due to higher employee expenses and weak operational performance. 

HDFC (down 1.13 percent, HDFC Bank (down 0.5 percent), Infosys (down 0.3 percent) and ICICI Bank (down 0.2 percent) drove the market lower while Reliance Industries (up 1.2 percent) capped the downside. Axis Bank gained for the second consecutive session, up over a percent despite a media report indicated that the government has asked the bank to set its house in order after a series of irregularities linked to the exchange of old notes were detected.

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