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

Your Dreams Need Money And Your Money Needs Growth

Let's be honest, to bring your dreams into reality, along with a rock solid resolve you need robust monetary support. From taking a week long vacation to sending your kids to foreign universities, all your dreams have to have to have strong
Read More>>

REIT–able Space in India : A Closer Reality

Mumbai, March 24, 2017: The much awaited REIT (Real Estate Investment Trust) listing is inching closer to reality. KPMG, NAREDCO, Hariani & Co. and Knight Frank jointly released a report today titled ‘REIT-able Space in India: A Closer
Read More>>

Be An Early Bird Not An Angry Bird

Early bird catches the worm. This saying hold absolutely true when it comes to investment. If you start early, there are various advantages you can reap. Whatever may be the form of your investment, if you are an early starter, you have a better
Read More>>

A Happy Ending To An Eventful FY'16

Market This Week Market is no where in the mood to give any breathing space to the investors as juggernaut rally is still going strong. The positive events that boosted the market last week, are expected to continue
Read More>>

Why Traders Are Not Investors

What is a difference between investing and trading? That's a fair question, as many people confuse trading with short-term investment. This misconception has become so prevalent that the line between trading and investing has blurred over the
Read More>>