Sensex closed modestly lower at 66,017 after narrow fluctuations

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MUMBAI: The Indian stock market closed modestly lower today after opening the session higher amid mixed global factors and mixed results for the September quarter at home. Declining crude oil prices and US Federal Reserve minutes did not fuel the market. Realty, sugar and textile company stocks were attractive. The undercurrent is strong in mid-caps. Markets are eyeing the results of assembly elections in five states. The BSE Sensex closed down 5.43 points at 66017.81 while the Nifty50 index closed down 9.85 points at 19802.00. Sensex closed higher at 66235.24 while lower at 65980.50. The Nifty50 index was trading between a low of 19786.75 and a high of 19875.15. Market breadth on BSE remained positive. 1997 stock prices increased while 1706 prices decreased. The share price of 141 remained unchanged.

Sugar shares rise on positive outlook: Balrampur, Renuka Sugar, Dalmia rise

Not only is sugarcane crushing going on at a slow pace in the major sugar producing state of Maharashtra, the sugar yield is likely to be affected by the low sugarcane crop due to low rainfall in the current year. In the event of low production of sugar, prices may rise, which is expected to benefit the producing companies. Sri Renuka Sugar increased by Rs 2.40 to Rs 51.90, Dalmia Sugar increased by Rs 42.15 to Rs 478.55, Bajaj Hindustan increased by Rs 1.10 to Rs 33.00. Uttam Sugar rose by Rs 38.55 to close at Rs 508.75.

Attraction in realty stocks: Indiabulls Real, Suntech Realty, Phoenix Mills, Shobha rise

Investors have been buying into select realty stocks on the expectation that the significant increase in residential sales in the current year will continue into next year as well. Indiabulls Real rose by Rs 4.75 to Rs 84.25, Suntech Realty rose by Rs 24.00 to Rs 493.60, Phoenix Mills rose by Rs 48.05 to Rs 2270.35, Shobha rose by Rs 17.70 to Rs 890.25. Oberoi Realty and Prestige Estate were also attractive at low prices. Inflation in the country is decelerating, even on the assumption that the interest rate will not increase further, realty stocks are being seen.

IT stocks under pressure: TCS, HCL Tech, Infosys, Persistent fell

Information technology (IT) company stocks retreated on higher valuations. Profit booking by investors was seen. Persistent Rs 215.15 down Rs 6378.85, L&T Technology Rs 37.45 down Rs 4529.30, TCS Rs 21.90 down Rs 3508.25, Infosys Rs 8.55 down Rs 1449.25, Tech Mahindra Rs 4. 50 down and closed at Rs 1210.90.

Nifty Pharma Index down 252 points: Cipla, Aurobindo, Lupine, Zydus, Sun Pharma fall

The US FDA's November 18 warning letter saw a sharp drop in Cipla. Led by Cipla, investor sentiment in pharma stocks soured and most stocks in the Nifty pharma component ended lower. Cipla Rs 100.85 down Rs 1170.65, Aurobindo Pharma Rs 27.00 down Rs 1028.75, Lupine Rs 20.45 down Rs 1198.15, Zydus Life Rs 10.45 down Rs 631.60, Sun Pharma Rs 5 .30 to close at Rs 1198.80. Torrent Pharma closed down Rs 5 at Rs 2106.55.

Net buying by FIIs and DIIs in a subdued market

There was net buying by foreign institutional investors (FIIs) and domestic institutional investors (DIIs) in a relatively subdued market. DII purchased goods worth Rs 6,234.47 crore and sold goods worth Rs 5,777.08 crore making a net purchase of Rs 457.39 crore. On the other hand, FIIs also made net purchases of Rs 255.53 crore with purchases of Rs 7348.72 crore and sales of Rs 7093.19 crore.

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