Wednesday, 16 November 2016

Market erases early gains, Nifty holds 8100; metals, pharma down

Erasing early gains, the market has become completely flat. The Nifty is holding 8100 and the Sensex is up 50.31 points or 0.2 percent at 26354.94. About 832 shares have advanced, 1115 shares declined, and 88 shares are unchanged. TCS, Asian Paints, Maruti, ICICI Bank and ONGC are top gainers while Tata Steel, Lupin, Axis Bank, ITC and GAIL are losers in the Sensex. Reversing its two-day fall, the rupee recovered by 19 paise to 67.55 against the US dollar in early trade today on fresh selling of the American currency by banks and exporters. Forex dealers said weakness of dollar against other currencies overseas and a higher opening in the domestic equity market also boosted the trading sentiment. Besides, the retail inflation declining to 14-month low of 4.2 percent in October also helped in lifting the mood.

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