Stock Market

Sensex,Nifty still in red; Hindalco, ONGC, Bharti laggards


Chillicious Team

The market continues its sluggish note with the Nifty unable to make any good move. The Nifty slips 16.40 points at 7849.65 and the Sensex is down 37.32 points or 0.1 percent at 25651.54. About 1093 shares have advanced, 1180 shares declined, and 160 shares are unchanged.

Dr Reddy’s Labs, HUL, BHEL, GAIL and Axis Bank are top gainers while Tata Motors, Hindalco, ONGC. Bharti Airtel and Bajaj Auto.

Barring minor corrections of 100-200 points in the near term, the uptrend in Nifty is likely to continue, feels Dilip Bhat, Joint MD of Prabhudas Lilladher. He expects Nifty to trade between 9000-9500 by March 2017.

The government has done a good job of setting the ground for economic recovery, he says. 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.