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Equity Tips
Sensex, Nifty continue to fall only on correction in ITC, RIL

Equity benchmarks opened sharply lower on Tuesday, with the Nifty falling below 9900 level, dragged by ITC after cess on cigarette hiked by the GST Council.

The 30-share BSE Sensex was down 239.02 points at 31,835.76 and the 50-share NSE Nifty fell 56.55 points to 9,859.40.

ITC crumbled nearly 14 percent as brokerage houses downgraded the stock after the Goods and Services Tax (GST) Council decided to increase the cess on cigarettes. Other stocks like Godfrey Phillips (down 10 percent) and VST Industries (down 5 percent) also caught in bear grip.

HDFC, Infosys, TCS, Wipro and ACC gained up to 1.5 percent while Bharti Airtel surged 5 percent.

About two shares declined for every share rising on the NSE.Overall, fund manager remains upbeat on markets as domestic mutual fund (MF) industry average AUM increased for the 15th consecutive quarter in 2QCY17 to a new high of Rs 19.6 lakh crore.

On a YoY basis, average AUM saw a 35 percent rise, primarily on account of inflows in growth (equity), income and liquid funds, backed by increased participation of domestic investors in equity schemes, said a Motilal Oswal report.

Equity AUM rose for the seventh consecutive month in June scaled to a new high of Rs 5.9 lakh crore (+1.3% MoM and +38% YoY). The increase in equity AUM was led by a rise in equity scheme sales while redemptions rose 38 percent on a MoM basis to Rs183 bn,

Investment & trading in securities market is always subjected to market risks, past performance is not a guarantee of future performance.
CapitalStars Investment Adviser: SEBI Registration Number: INA000001647

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