Bear driven market

Nov 21, 2016 | 06:23 PM IST

Market walk 21st November, 2016: Gap up opening again followed by sharp down fall as the Sensex lost 385.1 points to 25765.14 while Nifty slipped by 145 points to 7929.1. In the day's trading, Infratel gained 1.96 per cent 358.8. Wipro, Ongc, Reliance, TCS were among the gainers. While Bank of Baroda lost 8.79 per cent to 161.4. SBI, Eicher Motors, Yes Bank, Hindalco were among the top losers.

The broader markets continued to under perform benchmarks as the BSE Midcap and Smallcap indices were down around 3 percent each on weak breadth. About five shares declined for every share rising on the exchange. Meanwhile, bringing some relief for banks and non-banking finance companies (NBFCs) from demonetisation, the Reserve Bank of India today relaxed certain asset classification and provisioning norms in certain cases.

The central bank has decided to allow banks 60 more days for recognition of loans as standard in certain cases. The revised norm is applicable for loans payable between November 1 and December 31. Banks were hit hardest with the Nifty Bank index falling 2.7 percent and PSU Bank down 6.9 percent. Similarly, Bank of Baroda, PNB, SBI, Canara Bank, Allahabad Bank, OBC and Union Bank plunged 5-9 percent. HDFC Bank, ICICI Bank and Axis Bank fell over a percent.

Stocks to Watch: TCS is on up side while Hindalco is on down side.

 

ABOUT AUTHOR

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

LEAVE A COMMENT

RECOMMENDED READING

Profit Booking Drags The Market; Oil & Gas Top Gainers

Share Market News – 19 September 2017 Today's market opened on a positive note but market traded in a very narrow range at a higher level and some profit booking was seen in
Read More>>

Nifty Crossed Another Milestone, Capital Goods Top Gainer

Share Market News – 15 September 2017 Today's market opened positive and rallied to all time high level as buying was seen in all fronts. Banks, Capital goods and consumer
Read More>>

Global Concerns Drag The Market; IT Sector Top Gainer

Share Market News – 15 September 2017 Today's market opened positive and rallied to life time high level but failed to make another milestone as the market is clueless in
Read More>>

Nifty Back At 10,000; Pharma Sector Rallies

Market This Week This week started with a huge buying in each and every sector, especially in metals and fresh pull back was seen in pharma sector stocks, however, the main
Read More>>

Stop! Read Before You Invest In These Trending Stock Market Tips

Various popular stock market news portals and TV channels discuss trending stocks and provide free tips but without in-depth research. We create well-researched equity analysis on these trending stock tips in a single place so you don't waste your
Read More>>