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Sensex begins 2017 on negative note, down 132 points
Stock markets opened on a subdued note on the first trading day of 2017, with the benchmark BSE Sensex falling over 132 points in early trade on profit-booking after recent gains.
Mumbai: Stock markets opened on a subdued note on the first trading day of 2017, with the benchmark BSE Sensex falling over 132 points in early trade on profit-booking after recent gains.
The 30-share index, which had gained 415.78 points in the previous two sessions, fell 132.37 points, or 0.50 percent, to 26,494.09 in early trade today.
Stocks of FMCG, teck, IT and auto were major losers, dragging the key indices down.
Bucking the trend were stocks of realty companies, which were in demand after Prime Minister Narendra Modi on December 31 announced that loans of up to Rs 9 lakh taken in the new year under the new scheme of Pradhan Mantri Awas Yojana will receive interest subvention of 4 percent and loan of up to Rs 12 lakh will get a 3 percent interest waiver.
Shares of Unitech, DLF Ltd, HDIL, Oberoi Realty, Sobha Ltd, Godrej Properties, Indiabulls Real Estate and Omaxe Ltd trading in positive zone with gains of up to 5 percent.
The broad-based NSE Nifty was down 44.80 points, or 0.54 percent, to 8,141.
Brokers said that profit-booking in stocks that logged gains recently, and absence of cues from other global markets which are closed today, left an impact on the markets.