Demonetisation results in a surgical strike on the sensex!
The S&P BSE Sensex settled 77 points down at 26,105 and the Nifty50 eased 6 points to close at 8,074. In the broader market, BSE Midcap rose 0.61% while Small cap closed 0.25% higher.
Even though the indices were largely range-bound during the day, Sensex rose 120 points as well as fell more than 100 points during the day. Nifty50 also breached its crucial 8,050 level during the day.
Weaker rupee boosted export-oriented sectors like pharma even when the overall market sentiment was not very positive.
Pharma sector was up more than 1% in both the headline indices. Sun Pharma was one of the top gainers on Sensex with 2.58% rise while Cipla, Lupin and Dr Reddy’s gained in the 0.2%-0.6% range.
NTPC was the top gainer on the Sensex and surged over 4% on the BSE.
Petronet LNG rallied 8% during intra-day but closed in the red even after the company reported robust 82% year on year (YoY) jump in net profit at Rs 460 crore for the quarter ended September 30, 2016 (Q2FY17).
Tata Steel, GAIL and ITC were the top losers on the Sensex.
Shares of sugar companies moved higher by up to 20% on the BSE in otherwise range bound market.
Upper Ganges Sugar & Industries, Oudh Sugar Mills, Mawana Sugars, Kesar Enterprises, Dwarikesh Sugar Industries, Simbhaoli Sugar, Dalmia Bharat Sugar & Industries, Dhampur Sugar Mills and Balrampur Chini Mills were up between 7% and 20% on the BSE.
Here are some picks from the week gone by.