Nifty ends below 8300, Sensex tanks 699pts
The Sensex is down 698.86 points or 2.5 percent at 26818.82 and the Nifty is down 229.45 points or 2.7 percent at 8296.30. About 462 shares have advanced, 2223 shares declined, and 146 shares are unchanged. The midcaps underperformed the benchmark indices closing 3.5 percent in the red while the bank stocks slipped more than 2 percent. Nifty auto was another index which took a beating and ended more than 4.5 percent down. Pharma stocks were relative outperformers ending the day four-fifth of a percent in the negative territory.
Analysts are worried that although Indian fundamentals are better than other emerging markets, he feels demonetisation could suppress domestic demand and defer revival of corporate earnings. Several sectors exposed to strong consumption and demand drivers might take a hit. He further says that there is a certain amount of uncertainty in near-term implications of the US elections and demonetization move by the Indian government may deter any runaway rally in the markets.
No comments:
Post a Comment