Thursday, 2 February 2017

Sensex ends off day's high, Nifty fails to hold 8750

Equity benchmarks closed off day's high amid consolidation Thursday after strong 486-point Budget rally on the Sensex in previous session. Overall investors remained on sidelines after pricing Budget event and await RBI policy due next week & corporate earnings. The 30-share BSE Sensex rose 84.97 points to 28226.61 and the 50-share NSE Nifty gained 17.85 points at 8734.25. 

The Nifty was fairly valued at about 16.5 times next year's earnings but added that if the demonetisation-induced slowdown eases and India goes back to 8 percent growth next year, the market looks "interesting" to foreign investors. He is pencilling in two rate cuts, this month and in April. The market breadth was positive as about 1533 shares advanced against 1245 declining shares on the BSE. NHPC gained 5.5 percent as board of directors will consider share buyback on February 7. 

IL&FS Engineering also surged 5.5 percent on letter of intent for rural electrification works worth Rs 515.5 crore. Idea Cellular rebounded 2 percent after yesterday's profit booking. The stock surged more than 65 percent in 10 consecutive sessions after Vodafone and the company confirmed talks of merger.

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