Friday, 9 December 2016

Sensex gains for 2nd day, up 2% for week; PSU banks rally

Overall it was a consolidation day, though equity benchmarks ended at one-month closing high on Friday. Investors turned cautious ahead of key events - interest rate decision by Federal Reserve, November CPI inflation and October industrial output data. The 30-share BSE Sensex gained 52.90 points at 26747.18 and the 50-share NSE Nifty rose 14.90 points to 8261.75, driven by further rally in banks, oil and FMCG stocks. 

However, the selling in HDFC group stocks limited upside. Experts feel the market is expected to consolidate, especially ahead of two-day Federal Reserve policy meeting that will start on December 13. The markets have already priced in a 25 basis points increase in interest rate. The Federal Reserve chair Janet Yellen's commentary will be key to watch out for.

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