INDIAN EQUITY MARKET Wrap Up - 23 Nov 2016

INDIAN BENCHMARKS: SENSEX UP 91 POINTS AHEAD OF EXPIRY, NIFTY 50 SUSTAIN ABOVE 8000

After consolidation, the NSE Nifty managed to hold 8000 level for the second consecutive session ahead of expiry of November futures & options contracts. The broader markets smartly outperformed benchmarks, rising more than 1 percent on value buying.

Investors continued to accumulate quality stocks at reasonable valuations, though they are worried over quarterly earnings growth after currency demonetization.

The 30-share BSE Sensex was up 91.03 points at 26051.81 and the 50-share NSE Nifty gained 31 points at 8033.30. The market breadth was strong as about 1920 shares advanced against 671 declining shares on the Bombay Stock Exchange.

HEADLINES OF THE DAY

Canara Bank in talks for stake sale in Can Fin Homes.

Lupin gains after tentative approval from USFDA.

Siemens Q4 standalone net profit at Rs2467 cr.

The crucial resistance for Nifty spot is now seen at 8090 and above this 8210 Support for the immediate term is now placed at 7910 and next support will be 7840.

UPCOMING RESULTS: BATAINDIA, BEML, ICIL, UFLEX, NAVKARCORP, HATHWAY, SHILPAMED, TIDAWATER, MANPASAND, SUVEN

Investment & trading in securities market is always subjected to market risks, past performance is not a guarantee of future performance.

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