Profit Booking Dragged Market

Jan 06, 2017 | 05:59 PM IST

Market Walk 6th January, 2016:

Market ended down due to last hour selling pressure. Sensex lost 119.01 points to 26759.23 Nifty lost 30.0 points to 8243.80 Yes Bank gained 3.25% to 1249.50

Among the top gainers were Kotak Bank by 2.28% to 714.9, Eicher Motors by 2.27% to 22832.05, Bank of Baroda by 1.85% to 153.75, Asian Paints by 1.54% to 930.65.

Among the top losers; Tech Mahindra lost 3.98% to 468.65. HCL Tech by 3.69% to 813.5, Idea Cellular by 2.61% to 72.85, Wipro by 2.25% to 469.6, TCS by 2.16% to 2284.0.

Technology stocks were biggest losers after the immigration reform re-introduced in the US House of Representatives by Congressmen. Citi remains cautious on technology sector, saying the recent re-introduction of the Protect and Grow American Jobs Act reaffirms its view that immigration reform remains an overhang to watch and likely a key theme for the sector in 2017. The Nifty IT index lost 3 percent for the day as well as week. Bank of America, Merrill Lynch has downgraded the stock to underperform from neutral as it expects sustained weakness in company's revenues led by slowing revenue growth and negative operational leverage.

Stocks to Watch: Uflex Ltd is on up side while Infratel is on down side.

 

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