Bear driven market

Bear driven market

GST Impact

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.

 

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