Nifty Clocks Longest Losing Streak Of 2017
Indian shares decline amid weak global cues.
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Market Wrap
Closing Bell
Indian shares declined with a key equity benchmark posting its longest losing streak of the year ahead of derivatives expiry on Thursday. Investors have turned risk-averse ahead of the implementation of a nationwide tax regime anticipated to cause disruption initially.
The S&P BSE Sensex fell 0.4 percent to 30,824 – its lowest in little over a month. The NSE Nifty 50 dropped 0.2 percent to 9,491, its sixth day of losses. This was the 51-share index’s first close below the 9,500-mark since May 25.
The market breadth, however, recovered at the end of trade. About 742 stocks advanced while 719 declined on the NSE.
Dipan Mehta, member of BSE said further downside cannot be ruled out from current levels. “The GST rollout is likely to take a toll on corporate earnings,” he told BloombergQuint by phone.
Mehta is bullish on private sector banks and consumption-related stocks.
Block Deal Alert
- Natco Pharma has 11 shares change hands in a block
- Axis Bank has 65.9 lakh shares change hands in a block
Buyers and sellers were not immediately known
Source: Bloomberg
Tech Mahindra Breaks 4-Day Losing Streak
Shares of the software services provider gained nearly 3 percent, making it the best performer on the Nifty index. It has gained only for the second time in nine trading sessions.
The technology company’s margin concerns have surfaced yet again on estimates of "sluggish earnings" despite promises to improve the cost structure, according to a report by brokerage firm Bank of America Merrill Lynch (BofAML).
It has reiterated the ‘Underperform’ rating, and lowered the target price to Rs 380 from Rs 415 earlier, citing the four-quarter sequential decline in net profits.