Friday, 12 May 2017

CLOSING BELL >> Sensex snaps 4-day gains; Nifty manages to hold 9400 amid profit booking, up 1% this week

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Equity benchmarks fell for the first time in last five consecutive sessions due to profit booking but the Nifty managed to hold 9,400. Overall it was another consolidation day for the market after hitting record highs during the week on hopes of a normal monsoon. Investors remained cautious ahead of March industrial output data & April retail inflation due later today and waited for more corporate earnings.

The 30-share BSE Sensex was down 62.83 points at 30,188.15 and the 50-share NSE Nifty fell 21.50 points to 9,400.90 but the broader markets underperformed.

Experts expect consolidation to continue for a couple of sessions before getting direction on either side. They expect the Nifty to hit 9,500 level by May-end.

Chris Wood of CLSA feels the recent vertical rise seen in Indian equity markets so far in 2017 pushed valuation above long-term averages and looks expensive on forward-earnings perspective.

Hence, the market could have a sharp correction at any time but India is the most preferred equity story in the emerging market universe on a ten-year view, Wood said in a note.

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