INSUBCONTINENT EXCLUSIVE:
The market surrendered its early gains in a choppy session on Thursday as it ended flat
The BSE Sensex closed at 34,431.97, down 10.08 points, or 0.03 per cent
The NSE Nifty shut shop at 10,380.45, down 6.15 points, or 0.06 per cent.
Concerns about a rift between the government and the RBI eased
Profit-booking at every rise pulled back the gains though.
Of the 30-share Sensex pack, 15 were in the green and the rest lost
Yes Bank led the pack with a gain of 8.35 per cent, followed by Axis Bank, IndusInd Bank, LT, SBI and PowerGrid
On the other hand, Infy lost big, down 2.9 per cent
Coal India, NTPC, Sun Pharma, MM and Asian Paints were among poor performers.
In the Nifty space, 25 stocks advanced, 24 declined and 1
The BSE IT index was the worst performer, falling 1.78 per cent, along with technology, FMCG and healthcare
Broader markets such as BSE Midcap and Smallcap indices rallied more than 1 per cent.
The momentum was positive
Below are a few factors that drove the market today.
1
Buoyant GST collection: In October, the GST collection crossed an impressive Rs 1 lakh crore barrier, thanks to the festive demand coupled
with more stringent anti-tax evasion measures from the government.
2
Earnings play: While global cues were neutral to positive, the market was volatile amid earnings season at home
A total of 140-odd companies were scheduled to release their results during the day.
3
MSME support programme: In a bid to encourage the micro, small and medium enterprises (MSME) sector and help generate employment, Prime
Minister Narendra Modi will launch an MSME support programme on Friday
Easing oil prices: The market was further range bound as oil prices fell
Both WTI crude oil and Brent Crude lost 0.84 per cent and 0.69 per cent, respectively.
Take it from the expert (Vinod Nair, Head of
Research, Geojit Financial Services)
"Market was range bound despite a fall in oil prices and strengthening rupee as investors remain
focused on quarter earnings
Currently, many stocks are trading in the oversold region while turnaround will happen on the basis of change in sector outlook or revival
Signs of turnaround were seen in mid and smallcaps which continue to outperform the main indices."
