After consolidation, the market started inching towards its record highs on hopes of improvement in January-March quarter earnings that will begin with Infosys numbers on April 13.
With this rally, experts feel valuations already stretched and even a lot of midcaps are at peak levels. According to them, the earnings season is expected to be the only driver for the market from hereon.
NSE Nifty closed closed at 9203 levels down by 33 points or 0.36%, while BSE Sensex closed at 29643 levels down by 144 points or 0.49%.
Asian stock markets closed mixed on Wednesday, as tensions continue to ratchet up on the Korean Peninsula following a warning from North Korea of a nuclear attack (Subscription Required) on the U.S. The Hang Seng gained 0.93%, while the Nikkei 225 & the Shanghai Composite fell 1.04% and 0.46% respectively. European markets are higher today with shares in France leading the region. The CAC 40 is up 0.44% while Germany’s DAX is up 0.34% and London’s FTSE 100 is up 0.30%.
Bosch Limited was the top Nifty gainer and Tata Steel was the top Nifty loser. Bosch Limited closed higher by 3.7% at Rs 23600 per share and Tata Steel Limited closed lower by 2.2% at Rs 477.5 per share.
The broader market indices shown weakness in the Wednesday’s trade. BSE Mid-cap index closed lower by 0.22% at 14346 level while BSE Small-cap index closed lower by 0.49% at 14852 level.
Delta Corp Limited suffered losses in the Wednesday’s trade owing to the news of possible merger of union territory Daman & Diu with the state of Gujarat as reported in a national business daily. Market analysts believe that Prime Minister Narendra Modi might take decision regarding the same when he visits the union territory on April 17. The stock closed at Rs 168.9 per share down by nearly 6.7%.
Goa carbon touched its fresh 52-week high of Rs 156.9 per share up by nearly 19% owing to the company’s staggering profit in Q4 March 2017 as per BSE filings.
The FMCG heavyweight stock, ITC Limited touched its intraday high of Rs 285 per share in the lunch hours on Wednesday but slipped further to close at Rs 281.8 per share down by 0.12%.
Aditya Birla Fashion and Retail Ltd closed higher by 4.8% at Rs 179.15 per share.
Mangalore Refinery & Petrochemicals Ltd. closed higher by 4.5% at Rs 117.95 per share.
Apcotex Industries Ltd. closed higher by 11.5% at Rs 352.5 per share.
Adf Foods Ltd closed higher by 14.5% at Rs 202.35 per share.
There were 484 advances, 939 declines and 34 unchanged stocks on NSE reflecting fairly negative bias floating in the market.
The rupee was trading at 64.69 per US dollar.
Top 5 Nifty Gainers: Bosch Ltd. (3.75%), Bharti Infratel Ltd. (3.32%), Sun Pharma Ltd. (2.31%), Eicher Motors Ltd. (1.70%) and Yes Bank (1.19%).
Top 5 Nifty Losers: Tata Steel (-2.16%), GAIL (-1.99%), Wipro (-1.99%), Hindalco Industries Ltd. (-1.99%) and Zee Entertainment Enterprises Ltd. (-1.96%)
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