Nov 22

Daily Market Commentary : 21st Nov. 2016

The bloodbath continues for Indian equity benchmarks where frontline gauges shaved off two and a half percent, breaching their crucial levels. The BSE Sensex fell below the psychologically important 26,000-level while Nifty crashed below the key 8,000-mark. The Nifty Index dropped below the 8000-mark for the very first time since June 24, when global equities had sold off on the surprise Brexit vote.

Nifty trading at 7,929, down 145 points, while BSE Sensex closed at 25,765, down 385 points.

Wipro, TCS, ONGC, Reliance and Hero were among the gainers, whereas SBI, Tata Steel, PowerGrid, Maruti, Tata Motors and Mahindra & Mahindra were among the top losers on BSE. The stocks today dropped by 3-6%.

In this downturn, some sectors worth buying would be Capital Goods, Banking, Oil & Gas, Pharma while sectors that can be avoided are Auto and Realty.

Panacea Biotec rallied 2.3% after the pharma company announce receipt of Establishment Inspection Report (EIR) from the USFDA indicating the formal closure of the cGMP and Pre­ Approval Inspection conducted by USFDA, at its Oncology Parenteral and Oral Solids Dosage formulation facilities at Malpur, Baddi in Himachal Pradesh.

Cadila Healthcare slipped 1.7%. Zydus Cadila has received the final approval from the USFDA to market for Metronidazole Tablets USP in strengths of 250 mg and 500 mg. The drug which is used to treat infections caused by bacetria will be produced at the group’s formulations manufacturing facility at Baddi.

Mawana Sugars soared 12% to Rs 48 on the BSE. The Board of Directors of the Company has agreed to sell one of the operating units of the Company viz. Titawi Sugar Complex (TSC) in Uttar Pradesh as a going concern on an ‘As is Where is What is’ basis to Indian Potash Limited.

Techno Electric & Engineering Company was down 2% when the market closed today.

The rupee was trading at 68.15/$ trailing by 2 paise.

Out of 1,886 stocks traded on the NSE, 1428 declined, 228 advanced and 230 remained unchanged today.

Top 5 Nifty Gainers: Adani Ports & Sez (2.67%), Maruti Suzuki (2.34%), Cipla (2.34%), Hind. Unilever (1.67%) and Tata Steel (1.55%).

Top 5 Nifty Losers: BHEL (-2.80%), L&T (-1.81%), NTPC (-1.65%), GAIL (-1.58%) and Dr Reddys Lab (-0.97%)

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