STOCK MARKET BSE NSE

Sensex hits near 2-week low in lacklustre trade

Asian shares steadied near four-week lows after China agreed to return the U.S. drone it had seized.

Published: 19th December 2016 01:48 PM  |   Last Updated: 19th December 2016 01:48 PM   |  A+A-

Inside the Bombay Stock Exchange (BSE) building in Mumbai. (File Photo | Reuters)  Sensex, Nifty, markets

Inside the Bombay Stock Exchange (BSE) building in Mumbai. (File Photo | Reuters)

By Reuters

MUMBAI: Indian shares hit near 2-week lows in thin trade on Monday, on track for a fourth straight session of losses, as investors stayed on the sidelines in the absence of strong global cues.

Asian shares steadied near four-week lows after China agreed to return the U.S. drone it had seized.

But with expectations of U.S. President-elect Donald Trump's policies lifting U.S. interest rates and the dollar, shares in many emerging markets are likely to remain vulnerable to possible capital outflows.

"I expect the markets to remain rangebound till the end of January, before the budget is announced," said R.K. Gupta, managing director of Taurus Asset Management.

Finance Minister Arun Jaitley is expected to present the annual budget for 2017/18 on Feb. 1.

"Because of lacklusture trade during the holiday season, foreign buyers are expected to withdraw funds from the market throughout this month," Gupta said.

Foreign investors net sold shares worth $114.55 million this month up to Dec. 15. They have net bought $4.04 billion this year up to the same period.

The broader NSE Nifty was down 0.25 percent at 8,118.75 as of 0645 GMT, while the benchmark 30-stock BSE Sensex was down 0.27 percent at 26,419.44.

Financial stocks fell, dragged down by HDFC Bank which fell as much as 1 percent, and Axis Bank that lost as much 1.1 percent.

Oil refiners such as Indian Oil Corp and Bharat Petroleum Corp were however up after petrol prices were increased by 2.21 rupees per litre on Friday.



Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

IPL_2020
flipboard facebook twitter whatsapp