Wednesday, 16 November 2016

Nifty ends marginally above 8100

ITC was hammered 3 percent at closing. ITC, Sun Pharma & Kotak Mahindra Bank dragged benchmark indices the most. Out of the total, 4 of top 5 Nifty losers were pharma stocks. After briefly slipping below 8100 just before closing, the Nifty ended at 8111.60 up 3.15 points and the Sensex was down 5.94 points at 26298.69. About 1056 shares advanced, 1543 shares declined, and 155 shares were unchanged. As market continues to battle backlash of demonetisation for another day, Gautam Chhaochharia of UBS Securities has said that disruption is short-term. UBS Securities expects it to last not more than a month. Chhaochharia said private banks are likely to benefit from CASA rising on account of demonetisation. He said that he expects NBFCs to see short-term impact on loan disbursements. He added that valuations in pharma sector look reasonable and is underweight on IT.

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