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Sensex ends marginally lower, Nifty below 10,350; PSU Banks, metals fall

All that happened in the market today

SI Reporter  |  New Delhi 

Meanwhile, Citigroup revised their Sensex target upwards to 33,800 by March 2018 from an earlier target of 32,200.  Government’s measures on bank recapitalisation, infrastructure, and crop prices, coupled with domestic flows, would support India stocks, even as downgrades in earnings continue, Surendra Goyal, equity strategist in Citibank India, said in a note. 

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Sensex ends marginally lower, Nifty below 10,350; PSU Banks, metals fall

Markets at close Sensex (up 6%), Smallcap index (up 9%) recorded best ever performance  since March 2016. In March 2016, Sensex and smallcap index were up 10% each.  However, BSE Midcap index gained 7.5% in October.

Sensex ends marginally lower, Nifty below 10,350; PSU Banks, metals fall

Market rundown by Mr. Vinod Nair, Head of Research at Geojit Financial Services    "Market ended on a negative note after a volatile trade due to strong resistance around recent high and profit booking in PSU banks & metal stocks after the recent solid performance. The domestic macros remain positive supported by ample reforms & good Q2 results so far, while rising oil price in the global market and tomorrow’s FED policy influenced domestic market to take a wait & watch approach."

Sensex ends marginally lower, Nifty below 10,350; PSU Banks, metals fall

Top Sectoral gainer: Nifty Realty Source: NSE

Sensex ends marginally lower, Nifty below 10,350; PSU Banks, metals fall

Nifty PSU bank index down nearly 2% Source: NSE

Sensex ends marginally lower, Nifty below 10,350; PSU Banks, metals fall

Top Sensex losers and gainers Source: BSE

Sensex ends marginally lower, Nifty below 10,350; PSU Banks, metals fall

Markets at close   Benchmark indices ended maginally lower on Tuesday, retreating from record highs hit in the previous session, as recent outperformers such as State Bank of India fell, while Infosys Ltd dropped after going ex-dividend. The S&P BSE Sensex ended the day at 33,213, down 53 points while the broader Nifty50 index settled at 10,340, down 23 points

Sensex ends marginally lower, Nifty below 10,350; PSU Banks, metals fall

Bharti Infratel rebounds 5% from intraday low   Bharti Infratel moved higher by 3% to Rs 442, bouncing back 5% from its early morning low of Rs 419 on the BSE, after a huge block deal was executed on the counter.  On Monday, the stock ended 3% higher at Rs 430.   About 5.78 million equity shares representing 0.31% of total equity of Bharti Infratel changed hands on the BSE, the exchange data showed.

Sensex ends marginally lower, Nifty below 10,350; PSU Banks, metals fall

Tata Steel elevates T V Narendran as global CEO & MD   Tata Steel Ltd has promoted T V Narendran as chief executive officer and managing director globally, the company said on Tuesday.   Narendran, 52, a company veteran who joined the Tata ranks in 1988, was serving as managing director (India and South East Asia) for the past four years.   Tata Steel executed and commissioned the Kalinganagar steel plant during Narendran's tenure as managing director and also enhanced the plant's ability to serve higher value segments like steel for automobiles, the company said in an exchange filing.

Sensex ends marginally lower, Nifty below 10,350; PSU Banks, metals fall

Market Check at 3 pm Index Current Pt. Change % Change   S&P BSE SENSEX 33,247.21 -18.95 -0.06   S&P BSE SENSEX 50 10,747.41 -2.43 -0.02   S&P BSE SENSEX Next 50 35,990.63 -92.16 -0.26   S&P BSE 100 10,792.12 -6.61 -0.06   S&P BSE MidCap 16,601.11 +35.79 +0.22

Sensex ends marginally lower, Nifty below 10,350; PSU Banks, metals fall

Axis Bank up 9% Axis Bank added over 9% intraday as investors bet positively on the developments surrounding share purchase talks.   According to a report in The Economic Times, Bain Capital was in talks with the lender to invest around $750 million to $1 billion, which could help it attrain 5% stake.

Sensex ends marginally lower, Nifty below 10,350; PSU Banks, metals fall

IMF backs Saudi $500 billion mega-city project   The International Monetary Fund has endorsed an ambitious Saudi Arabian plan to build a $500-billion business and industrial zone extending into Jordan and Egypt, saying the project could benefit the whole region.   Jihad Azour, head of the IMF's Middle East department, said Riyadh would need to balance the huge cost of the zone and other economic projects with its drive to cut a big state budget deficit caused by low oil prices.

First Published: Tue, October 31 2017. 15:30 IST
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Sensex ends marginally lower, Nifty below 10,350; PSU Banks, metals fall

All that happened in the market today

Meanwhile, Citigroup revised their Sensex target upwards to 33,800 by March 2018 from an earlier target of 32,200.  Government’s measures on bank recapitalisation, infrastructure, and crop prices, coupled with domestic flows, would support India stocks, even as downgrades in earnings continue, Surendra Goyal, equity strategist in Citibank India, said in a note. 

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