Midcap outperforms Sensex, Nifty choppy

Midcap outperforms Sensex, Nifty choppy, Equity benchmarks continued to consolidate in the opening on Thursday, ahead of the expiry of January futures and options contracts.

The 30-share BSE Sensex was down 12.03 points at 36,149.61 and the 50-share NSE Nifty fell 4.30 points to 11,081.70.

The market breadth was balanced as about 683 shares declined against 602 advancing shares on the BSE.

After PSU banks’ recapitalization amount announcement, SBI, PNB and Bank of Baroda were down 1-3 percent. However, IDBI Bank, Bank of India, UCO Bank, Central Bank of India, IOB, Union Bank, OBC, United Bank, Syndicate Bank, Bank of Maharashtra, Dena Bank and Corporation Bank rallied 2-10 percent.

L&T Infotech, Bharat Bijlee, Everest Industries and KEI Industries rallied post-earnings. Biocon lost 4.5 percent after bad earnings.

The Future Group is expecting its retail business to reach Rs 40,000 crore in 2018-19.

“We are looking at the retail business of Rs 40,000 crore by next year; out of which Hyderabad will contribute Rs 4,000 crore,” Future Group CEO Kishore Biyani told reporters here.

Board of Gallant Ispat approved the plan to expand the capacity of its various plants at an estimated cost of Rs 510 crore, the company said.

The decision to further expand the capacity of various plants was taken at a meeting of the Board of Directors today, Gallant Ispat said in a BSE filing.

The year 2017 belongs to high beta stocks which remained in limelight throughout the year but the year 2018 is likely to belong to quality or large-cap stocks, that’s the verdict coming from experts.

The rupee gained 19 paise to 63.49 against the US dollar in morning today on increased selling of the American currency by exporters and banks.

Besides sustained foreign fund inflows, stock markets opened with gains and the dollar weakening against major currencies overseas also supported the domestic unit, forex dealers said.

Benchmark indices continue to be rangebound in morning, with the Nifty trading in a range of 11,050-11,100 levels ahead of the expiry of January futures & options contracts.

The 30-share BSE Sensex was down 27.75 points at 36,133.89 and the 50-share NSE Nifty fell 3.10 points to 11,082.90.

The nifty Midcap index gained 0.4 percent. About 1,140 shares advanced against 942 declining shares on the BSE.

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