Thursday, 27 April 2017
Closing Bell Updates & Market News By TradeIndia Research-27 April 2017
Nifty Ends April Series Below 9350,Sensex Snaps 3-Day Rally On Profit Booking
Equity benchmarks snapped three-day winning streak on profit booking Thursday, with the Nifty closing April series below 9,350 level. Weak European cues also dampened sentiment in the second half of session.
The 30-share BSE Sensex was down 103.61 points at 30,029.74 and the 50-share NSE Nifty fell 9.70 points to 9,342.15 amid consolidation, weighed by profit booking in banking & financials, FMCG and select pharma stocks.
Investors also digested recent positive global events (like French elections) and quarterly earnings that so far have been good, analysts say, adding today's volatility was expected due to expiry of April futures & options contracts.
They feel consolidation may continue for couple of days as the Sensex rallied 768 points in previous three consecutive sessions and hit a record closing high.
"Q4 numbers have not disappointed so far, and have underpinned markets, but market is looking for further signs for extending the ongoing rally, especially with increasing chances of El Nino this monsoon season," Anand James, chief market strategist at Geojit Financial Services said.
According to Pankaj Pandey, Head-Research at ICICI Direct, with enabling fundamental factors such as stabilised commodity base, upbeat consumption and most importantly, a favourable low base, the earnings from hereon could witness a strong double digit growth recovery in FY18 and thus drive the market momentum.
Sensex Down - 103.61 @ 30029.74
Nifty Future Up +1.40 @.9343.50
Bank Nifty Future Up + 117.40 @ 22328.00
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