Friday, 9 June 2017

Live Stock Market Updates

Market Live: Sensex, Nifty lower but Europe strong post UK elections results 
Equity benchmarks remained lacklustre in afternoon trade but European markets turned strong after UK elections results that showed a possibility of hung parliament. The 30-share BSE Sensex was down 36.53 points at 31,176.83 and the 50-share NSE Nifty declined 7.55 points to 9,639.70. 

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Infosys and Maruti Suzuki were most active shares on exchanges. Infosys declined nearly 2 percent on reports that founders may be looking to sell stake in the company while Maruti gained 2 percent as reports indicated that the company plans to spend Rs 1,000 crore in land acquisition this year. Bourses in Europe were higher as investors reacted to a hung parliament in the UK's General Election. France's CAC, Germany's DAX and Britain's FTSE gained 0.8 percent each. 

While the market is witnessing strong moves, with bouts of consolidation, IL&FS sees sideways movements for the near term. 

Highlighting that in the current situation, macros are positive and could be better post good monsoon, Vibhav Kapoor of IL&FS told CNBC-TV18 that it was legitimate for the market to assume that these will translate into higher earnings growth. Having said that he saw strong resistance at 9650-9700 as a strong resistance point for the Nifty. A crossover from this point could take the index to 10000, he said. But, in the near term, there could be a correction, but not a deep one. 

European stocks gained momentum after general elections indicated that there could be a possibility of hung parliament in the UK. France's CAC, Germany's DAX and Britain's FTSE gained 1 percent each.