While the day began with both the Indices trading in red, there was some momentum gained towards the end. The Auto and Bank sectors activities ensured that the Sensex and Nifty ended in green. When the market Closed, Sensex gained more than 100 points while Nifty gained 42 points and closed above 8100.
Nifty closed with a gain of 42 points and closed at 8,128.75, while BSE Sensex ended with a gain of 118 points at 26349.10.
On the global front, most Asian indices closed in red and marginally down. In Europe, the FTSE 100 was up 0.52%. CAC 40 and DAX was up 1.39% and 1.65% respectively, where all indices were trading in green while, the US Nasdaq was also up marginally.
The performance of India’s service sector weakened in November as a result of cash shortages. New business declined for the first time since June 2015, leading to a solid reduction in Activity. Correspondingly, backlogs of work rose, while employment increased only marginally. In spite of the falls in output and new orders, optimism regarding future activity improved. Input costs were broadly unchanged, whereas prices charged decreased slightly.
Dropping from 54.5 to 46.7 in November, the seasonally adjusted headline Nikkei India Services Business Activity Index moved into contraction territory for the first time since June 2015 and pointed to the sharpest reduction in output for almost three years. Anecdotal evidence highlighted a lack of cash in the economy. Activity decreased in three of the six monitored sub-sectors, namely Financial Intermediation, Hotels & Restaurants and Renting & Business Activities.
Factory production rose further during the month, but the rate of growth eased. Concurrently, the seasonally adjusted Nikkei India Composite PMI Output Index dipped from October’s 45-month high of 55.4 to 49.1 in November, thereby pointing to a slight contraction in private sector activity overall.
As was the case for activity, new business inflows at services firms declined during November. The fall in new work was the first in 17 months and the steepest in over three years.
Gold was trading at Rs 27,925 per 10 gms and silver was trading at Rs 40,950 per kg.
The Indian rupee was trading at 68.26 per US dollar.
Out of 1436 stocks traded on the NSE, 594 declined and 788 advanced today.
Top 5 Nifty Gainers: GAIL (1.84%), HDFC (1.78%), NTPC (1.36%), Infosys Ltd. (1.35%) and Adani Ports & Sez (1.23%).
Top 5 Nifty Losers: Hind.Unillver (-0.86%), ITC Ltd (-0.82%), Axis Bank (-0.65%), Asian Paints (-0.62%) and BHEL (-0.27%)
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