Monday, 30 January 2017

Sensex ends rangebound session flat ahead of Budget

Equity benchmarks ended rangebound session flat with a negative bias on Monday as investors turned cautious ahead of the Union Budget on February 1. The market fell for first time in last five consecutive sessions, partly due to weak global cues. The 30-share Sensex lost 32 points to close at 27849.56, while the Nifty ended below the 8650-mark at 8632.75, down 0.10 percent. The market breadth was negative as about 1578 shares declined against 1163 advancing shares on the BSE. 

Analysts feel that 8450-8550 has become a support for the Nifty now. Whatever happens in the Budget this support zone should get respected. Expected Nifty to touch 8,750 in the extreme short term and hit 8,900 in the medium term. A correction is likely thereafter, he feels.

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