Stocks end 2016 with 3% gains; volatility, black swan events dominate
Fresh buying into front line shares and continued covering of short positions helped markets to end higher for the 4th…
Broader markets fell to a 1-month low on Thursday as the lack of buying and loss of momentum due to year-end holidays pushed the main index lower for the 7th session in a row. Local stocks followed the footsteps of the counterparts in Asia and the US where action on the upside was missing.
The Nifty fell 57 points, or 0.7 per cent, to 8,004 points amid thin trade. The index hasn't had a positive day since Dec 13 and has now broken down from a narrow trading range. The Nifty quotes at its lowest level since November 25.
Here are the major events of today's trade:
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*HDFC, HDFC Bank and Infosys pull the Nifty down to 8,000-point mark, a 1-month low.
*Hindalco, Adani Ports, Bank of Baroda, Tata Power and Tata Steel dropped 1.6-2.7 per cent and were among 41 shares that lost ground on the Nifty.
*Eicher Motors, Hindustan Unilever, Tata Motors, Sun Pharma and Bharti Airtel rose 0.4-0.6 and were among 10 shares that advanced on the Nifty.
*The Sensex shed 176 points to 26,066 points. Adani Ports was the top loser while Hindustan Unilever inched up the most.
*Reliance Industries, Eicher Motors and Bharat Financial were the top traded shares by value.
*Reliance Communications, DLF and IFCI were the most traded shares by way of volume.
*All Broader market indices shed weight. The NSE 100, 200 and 500 indices dropped 0.7per cent each.
*There wasn't a single gainer in the sectoral space. Losses ranged between 0.1-1.1 per cent. Financial Services stocks were the top losers.
*Bears were in firm control of sentiment on Dalal Street with 1252 shares falling versus 259 that rose.
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