Stock Market

Sensex, Nifty in red; auto stocks fall, pharma & oil up


Chillicious Bureau

The market is under pressure as the Sensex is down 56.94 points or 0.2 percent at 27993.94. The Nifty is down 13.40 points or 0.1 percent at 8664.50. About 1456 shares have advanced, 868 shares declined, and 146 shares are unchanged.

BHEL, GAIL, Wipro, Sun Pharma and Lupin are top gainers while ITC, ICICI, M&M, Hero and Tata Motors are losers in the Sensex.

Consumer demand in the three months to November is likely to be meaningfully better than the corresponding period of last year on account of abundant provisioning for loans and consumer appetite for purchasing goods, said Saurabh Mukherjea of Ambit Capital Investments.

He, however, adds that while consumer demand isn’t a worry, softening investment demand over the past 3-4 months is a concern.

Mukherjea said that IT sector is challenged from a top line growth perspective. The mismatch between elevated PE multiples and modest EPS is unlikely to abate in the near term, he said.