Today, The Stock market has slipped into red as the Sensex is down 20.67 points at25847.82 and the Nifty is down 2.45 points at 7854.10.
Adrian Mowat, JP Morgan says Indian equities have performed in-line with the Asian peers but it remains the best structural growth story in emerging markets (EMs). This is reflected in that it is a consensus overweight, he adds.
Hero MotoCorp, Bajaj Auto, Dr Reddy’s Labs, Lupin and BHEL are top gainers while Hindalco, Vedanta, ITC, Tata Steel and Cipla are among losers.
Among the metal stocks, Vedanta and Hindalco were down 2-3 per cent. These two stocks will be shifted out of the BSE benchmark Sensex index from December 21. Passive funds that track the Sensex would have to drop these stocks from their portfolio, leading to selling pressure in the stocks. Further hurting the sentiment in metal stocks, prices of zinc, copper, lead and nickel were all near their lowest in five to seven years in global markets. Tata Steel also fell 1.5 per cent.
Closing Market Updates :
The Sensex was down 49.15 points or 0.2 percent at 25819.34. The Nifty slipped 7.30 points at 7849.25.
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