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.

 

ABOUT AUTHOR

Niveza Research Desk : We are a team of stock market nerds trying to stay ahead of the herd. We spend our grey cells everyday to a pave a smooth road for our clients in the shaky world of stock market. While...
FULL BIO

LEAVE A COMMENT

RECOMMENDED READING

Bulls Ruled the Market, Sensex Rested Above 31000!

Share Market News – 26 May 2017 Today's market opened positive due to huge buying in metal sector. Furthermore, the positive news from global markets, as well as domestic
Read More>>

GST Rolls Out The Red Carpet For Your Investment

Market This Week The week started on a positive note as the final GST announcement gave tax slabs from 5% to 28% across all the goods and services segments. However, India-Pak
Read More>>

5 Investment Trends You Must Avoid

Who is an intelligent investor? Is intelligent investor the one who never takes a bad decision? No, the intelligent investor is the one whose good decisions outnumber bad decisions. Hence, to become an intelligent investor all you need to do is to
Read More>>

Bulls Roared, 30750! Conquered

Share Market News – 25 May 2017 Today’s market opened positive due to huge buying in the banking stocks ahead of RBI regulations about NPA and positive news from the global
Read More>>

Market Down Due To Increasing Geopolitical Tensions

Share Market News- 24 May 2017 The market today opened positive due to good numbers presented by some of the big players but market corrected in afternoon session because of
Read More>>