Equity
benchmarks consolidated for fourth consecutive session Wednesday as investors
awaited the outcome of Federal Reserve policy meeting tonight and pending
corporate earnings.
Outlook Of Nifty/bank nifty today
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Nifty Outlook:
Equity
benchmarks consolidated for fourth consecutive session Wednesday as
investors awaited the outcome of Federal Reserve policy meeting tonight and
pending corporate earnings. The 30-share BSE Sensex closed down 26.38
points at 29,894.80 and the 50-share NSE Nifty fell 1.85 points to 9,311.95
after a rangebound trade. After a four-day consolidation, the market might
gain some strength in next couple of sessions to move towards 9,400 level
on the Nifty. According to them, major correction is unlikely in near term
as domestic inflows continued to support the market on hopes of faster
recovery in earnings.
Bank Nifty Outlook:
Going
forward, positives such as GST, ease of doing business, among others, will
boost the indices. The Federal Open Market Committee, which will announce
its policy tonight, is likely to hold interest rates as it may wait for
more signs of stability in the economy to hinge for further hikePSU banks
were in action today, with the Nifty PSU Bank index rising 1 percent but
private banks and financials were under pressure. Union Bank, Syndicate
Bank, Bank of India, Allahabad Bank, PNB and IDBI Bank rallied 2-5 percent
followed by SBI with 0.4 percent upside. ICICI Bank was 1.2 percent ahead
of earnings later today. Axis Bank was down 0.88 percent while HDFC lost
1.4 percent.
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Top Gainers
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INFRATEL
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362.95
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POWERGRID
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211.00
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ULTRACEMCO
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4,300.00
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TCS
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2,337.80
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COALINDIA
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280.00
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Top Losers
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LUPIN
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1,267.00
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AUROPHARMA
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585.95
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TATAPOWER
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82.20
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HINDALCO
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197.20
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ZEEL
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527.00
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