Dalal Street consolidated after yesterday’s bull run in trade today.The Nifty flirted with 7900 and ended up 21.75 points or 0.3 percent at 7887.80 while the Sensex was up 83.67 points or 0.3 percent at 25772.53.
Dilip Bhat, Joint MD of Prabhudas Lilladher feels uptrend in Nifty is likely to continu ebarring minor corrections of 100-200 points in the near term. He expects Nifty to trade between 9000-9500 by March 2017.
With good monsoon likely and pick-up in orders in the infrastructure space, fair amount of optimism will seep into the market by December and that should boost sentiment in the first quarter of calendar 2017, he adds.
Japan’s Nikkei index gained significantly and ended the day in the positive territory up by over 2 percent. Kospi Hang Seng index also ended in the green with slim gains. China’s shanghai index gave up early gains to end the day flat.
Meanwhile, Tata Motors was the biggest loser (down 3 percent) after a slowdown in JLR global sales growth. Range Rover and Range Rover sport volumes declined on a year-on-year basis for the second consecutive month and the big negative surprise is the mere 1 growth in China.
Hindalco, ONGC, NTPC and Adani Ports were major losers in the Sensex. Metals and Auto indices dragged the market while banks, capital goods, pharma and IT were in green.
The newly listed stock Ujjivan Financial Services saw a steady opening. It ended with 10 percent gains over its issue price of Rs 210 per share, closing at Rs 231.55. The share opened at Rs 231.90 per share up, 10.4 percent over its issue price. Price band for microfinance player’s offer was fixed at Rs 207-210 and was open for subscription from April 28-May 2. The company’s current market capitalisation stands at Rs 2,738.47 crore.
US crude turned sharply negative, surrendering gains from supply disruptions in Canada and elsewhere that have knocked out 2.5 million barrels of daily production.