The Indian stock markets opened on a subdued note on the first trading day of 2017, with profit-booking after recent gains. The stock markets displayed subdued investor sentiment owing to profit booking and rupee depreciation.
The Nikkei India Manufacturing Purchasing Managers’ Index, or PMI, fell to 49.6 in December from November’s 52.3. A reading above 50 indicates economic expansion, while a reading below 50 points toward contraction.
Realty companies were in demand after Prime Minister Narendra Modi on December 31 announced that loans of up to Rs 9 lakh taken in the new year under the new scheme of Pradhan Mantri Awas Yojana will receive interest subvention of 4 per cent and loan of up to Rs 12 lakh will get a 3 per cent interest waiver.
Selling pressure was witnessed in banking, financial services, FMCG and IT stocks, while realty, auto, metal, media and pharma were among the gainers.
NSE Nifty closed with a loss of a mere six points at 8,180, while BSE Sensex ended with a loss of 31 points at 26,595.
On the global front, Asian markets closed flat. Japan’s Nikkei closed in red. Hong Kong’s Hang Seng and China’s Shanghai Composite ended higher.
After a weak start, European indices rebounded and Germany’s DAX index touched its highest level since August 2015. Trading volumes, though, were low as markets in the UK and several other countries were closed for New Year holidays. France’s CAC-40 touched a 52-week high of 4879.24 points.
Bajaj Auto Ltd fell 1.4% to Rs 2,597 after the company reported a 22% decline in its December monthly sales to 2.25 lakh units from 2.89 lakh units last year same month.
Transformers and Rectifiers India jumped 5.3% to Rs 356 after the company said it got orders worth Rs 92 crore from Gujarat Energy Transmission Corporation.
Bombay Dyeing rose 3% to Rs 49 after the company said it has inked an agreement for sale of land, building and some machinery of Ranjangaon unit at an aggregate value of Rs 174.45 crore.
The rupee was trading down 16 paise at 68.07 per US dollar.
Out of 1,903 stocks traded on the NSE, 417 declined and 1,194 advanced today.
Top 5 Nifty Gainers: Tata Steel (3.72%), M&M (3.51%), Tata Motors (3.12%), Maruti Suzuki (2.94%) and Bharti Airtel (2.18%).
Top 5 Nifty Losers: HDFC (-3.45%), SBI (-2.50%), Bajaj Auto (-1.40%), ICICI Bank (-1.29%) and Infosys Ltd. (-1.06%)
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