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Subdued trade continues at D-Street; power, oil & gas stocks weigh

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Dion Global

09 Jan 2017

Shrugging-off positive cues from fellow Asian peers, Indian equity benchmarks were trading in a narrow range with negative bias during late morning deals on Monday after government said that it expects India to grow at the slowest pace in 3 years in the current fiscal year ending March.

At 11:08 hours, the 30-share barometer index of Bombay Stock Exchange, Sensex was at 26,747.37 down by 11.86 points or 0.04 per cent while the NSE Nifty was at 8,232.15 down by 11.65 points or 0.14 per cent.

Meanwhile, India's GDP growth likely to slow down to 7.1 per cent in the current fiscal, against 7.6 per cent in 2015-16, weighed down by slump in manufacturing, mining and construction sectors, as per the government data released on Friday. The estimate is without factoring in post-demonetisation figures.

Market witnessed selling pressure mainly in the power and oil & gas sector stocks.

Major show spoilers were Dr. Reddy's Laboratories Ltd. (Rs. 3082.50,-2.47%), Coal India Ltd. (Rs. 301.65,-1.34%), Mahindra & Mahindra Ltd. (Rs. 1204.70,-1.27%), Power Grid Corporation of India Ltd. (Rs. 186.45,-1.22%), NTPC Ltd. (Rs. 162.20,-1.04%), among others.

The top gainers of the BSE Sensex pack were Tata Motors Ltd. (Rs. 503.55,+1.16%), Tata Steel Ltd. (Rs. 423.65,+0.94%), ITC Ltd. (Rs. 244.90,+0.93%), Maruti Suzuki India Ltd. (Rs. 5662.00,+0.87%), Bajaj Auto Ltd. (Rs. 2721.80,+0.49%), among others.

The market breadth, indicating the overall strength of the market, was positive. On BSE, out of the total 2425 shares traded, 1401 advanced while 915 shares declined and 109 remained unchanged.

On the global front, most of the Asian markets were trading in the green with China’s Shanghai Composite was up nearly 0.40 per cent and Hong Kong's Hang Seng was up nearly 0.17 per cent. While Japan’s Nikkei 225 was closed due to public holiday.