Wednesday, 31 May 2017

Stock Market News With Closing Updates By TradeIndia Research - 31 May 2017

Sensex, Nifty Snap 4-Day Gains On Profit Booking; Midcap Continues To Shine
Equity benchmarks snapped four-day winning streak Wednesday on profit booking and as investors maintained cautious stance ahead of fourth quarter and full year GDP data due later today.
The 30-share BSE Sensex slipped 13.60 points at 31,145.80 and the 50-share NSE Nifty declined 3.30 points to 9,621.25 after hitting fresh record highs at 31,255.28 and 9,649.60, respectively amid consolidation.
"There is much investor anxiety about market valuations post the recent rally; with an increasing desire to find the still inexpensive/reasonably priced stocks," Sanjay Mookim of Bank of America Merrill Lynch said.
He feels there is a strong chance the current valuations driven rally turns. The research house stayed cautious with a Sensex December 2017 target of 30,000.
Bharat Iyer of JP Morgan also said the brokerage house continued to call for consolidation as valuations are turning rich and believes earnings growth trend could be patchy.
The broader markets continued to outperform benchmarks for the second consecutive session, with the BSE Midcap and Smallcap indices rising a percent each despite nearly neutral market breadth. About 1375 shares advanced against 1294 declining shares on the exchange.
Closing Bell

Sensex Down -13.60 @ 31145.80

Nifty Future Up + 9.15 @ 9629.00

Bank Nifty Future Up + 83.50 @ 23335.00

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