Continuing its downward slide Nifty50 opened in downward gape at 7817 and hovered around 7800. In afternoon session Nifty50 tested its opening level, and after making day's high at 7821, finally closed at 7781. Throughout the session NSE ADR remained below 1, and closed well below 1. India VIX was volatile but remained in GREEN before closing flat. After opening in upward gape above 67 INR level, USD INR December future was also volatile and finally closed flat below 67 INR.
Barring NSE Pharma Index, all other sectoral Indices on NSE closed in RED. NSE Media Index was worst performer and closed 2% lower. Bank Nifty, NSE Auto Index, NSE IT index, NSE FMCG Index, NSE Reality Index - all closed 1 % lower.
After witnessing handsome gain in last two session, Hotel stocks witnessed selling and finally closed 2 to 5% lower. On short covering Sunpharma surged to 773 INR and finally closed 3.8% higher at 755 INR. On back of news that Reliance Communication has signed non-binding agreement with prospective buyer to sell its tower business at 22,000 crore INR, share prices fell below 80 INR level in intra day trade, mostly on profit booking sell. Stock price witnessed massive rally from 65 INR to 83 INR in just 8 session, after company announced its decision to reduce debt by hiving of tower asset. Stock prices finally closed 3% lower at 81 INR. In a quite session, Bosch closed 0.6% lower at 18,380 INR.
US FED Chairman M/s Jenet Yelen indicated that FED will hike rates in December meeting. Some unconfirmed news on some progress on of with Mauritius double taxation treaty modification were shown on electronic media, Effect of both of these was visible in the end of day provisional figures, which shows that .FII/FIPs sold equity worth 1,745 crore INR (net) - highest ever after the massive sellout in last week of August'2015. Against this, DIIs emerged as net buyers of 1060 crore INR. At the closing, NSE ADR was well below 1 and India VIX was flat. Together both, indicates neutral view with downward bias, for Monday's Nifty opening.
Writer may have position in market/s as per risk profile and market condition. Reader/s must consult financial adviser/s, while acting on provided information. Writer may have discussed similar things with friends in group.
Written Date :- 04.12.2015 Friday 20:45 hours IST
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