Economy

Market bull run snaps as Sensex, Nifty finish in the red

Market bull run snaps as Sensex, Nifty finish in the red”

Mumbai: Market found itself on a fresh high for the fourth session today, with the Sensex jumping 109 points as state-owned lenders extended a rally.

CLSA has raised FY18-20 EPS estimates of Maruti By 3-4 percent and has maintained a buy rating and has revised target to Rs 10,000 from Rs 9,230 per share.

"I think it is possible to take India to the first 50 ranks in Doing Business ranking, as envisioned by Prime Minister Narendra Modi", said Finance Minister Arun Jaitley at a press conference in Delhi.

Similarly, the broader 50-issue NSE Nifty hit a new intra-day high of 10,384.50, bettering its record of 10,366.15 hit on October 27. Sensex was down by over 30 points or 0.09% to 33,235.74 while the wider Nifty was down by over 1 point or 0.01% at 10,362.45.

Benchmark indexes Sensex and the Nifty ended modestly lower on Tuesday while the rupee closed at over two-week high of 64.75 per dollar.

On Friday, a massive bout of profit booking subdued the key indices to close on a flat note after touching record new intra-day highs. Hero MotoCorp and Tech Mahindra are due to unveil their quarterly earnings later today.

In six days, the index has gained 876.19 points. November has been a month of decline for Nifty as the gauge has had seven losses for the month in the last ten years, the report added.

Meanwhile, foreign portfolio investors (FPIs) sold shares worth a net Rs 186.04 crore while domestic institutional investors (DIIs) picked up equities worth a net Rs 139.68 crore yesterday, as per provisional data.

US stocks rose overnight, driven by food companies as Kellogg and Mondelez reported better than expected third-quarter results and upbeat consumer confidence data strengthened optimism about the economy.

However, shares of Blue Star were trading 2% or 16 points lower at Rs 789.95 a piece on Sensex.



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