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Market marks 2017 start with a 31-point loss




        In a listless trading today, the Sensex closed with a marginal loss of over 31 points at 26,595 on the first trading day of 2017 as banking stocks felt the heat due to worries that the lending rate cuts will hit their bottom line.

      Investors started taking profit that made mood downbeat.

     There was accelerated selling after the manufacturing sector contracted in December, hit hard by demonetisation, and fresh weakness in the rupee. The Nikkei Markit India Manufacturing Purchasing Managers' Index (PMI) fell to 49.6, down from 52.3 in November.

      Opening on a weak note, the Sensex shuttled between 26,720.98 and 26,447.06 and settled lower 31.01 points, or 0.12 per cent, at 26,595.45.

     The gauge had gained 415.78 points in the previous two straight sessions.

     The 50-share Nifty edged down by 6.30 points, or 0.08 per cent, to close at 8,179.50. It shuttled between 8,212 and 8,133.80 intra-day.

      In contrast, investors created fresh positions in second-line stocks, with small-cap and mid-cap indices beating the Sensex with gains of 1.20 per cent and 0.83 per cent, respectively.

      Stocks of realty companies stole buyers' imagination after Prime Minister Narendra Modi announced on Saturday that loans of up to Rs 9 lakh under the new scheme of Pradhan Mantri Aawas Yojana will receive interest subvention of 4 per cent and those of up to Rs 12 lakh will get 3 per cent waiver.

     The FII sell-off continued as foreign funds net sold shares worth Rs 585.64 crore and domestic institutional investors (DIIs) bought worth a net Rs 824.84 crore on the last trading day of 2016 on Friday, provisional data showed.

        Stocks of state-run oil marketing companies such HPCL, BPCL and IOC ended higher by up to 1.78 per cent following hike in fuel prices.

      Sectorally, the BSE banking sector index suffered the most by falling 1.18 per cent, followed by IT (0.33 per cent) and technology (0.15 per cent) while realty rose 4.32 per cent and auto 1.95 per cent.

               Of the 30 scrips in the Sensex pack, 13 closed lower, 15 ended higher while 2 remained unchanged.

      The market breadth remained positive as 1,918 stocks ended higher, 797 declined while 109 remained unchanged.

      The total turnover on BSE amounted to Rs 2,514.83 crore, lower than Rs 3,136.27 crore registered previously. 






Editorial

Précis 2017
From asking his party men to ‘live a simple life and serve the people’ to taunting the BJP for its ‘crocodile tears’, Chief Minister and BJD supremo Naveen Patnaik has not only become politically invincible, he seems to be so in the coming years too.

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Business

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Leisure

* Tata Steel Bhubaneswar Literary Meet from Jan 11
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