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The market closed flat with a positive bias on Thursday after its consolidation, shrugging off the rally in European peers and oil prices. Pharma, FMCG and HDFC Group stocks saw buying interest while technology, auto and oil stocks fell.
Equity benchmarks gained strength in afternoon trade with the Sensex rising over 100 points and Nifty reclaiming 8350 level intraday, especially on strong Europe but could not sustain those gains for long. The 30-share BSE Sensex was up 34.62 points at 27201.49 and the 50-share NSE Nifty rose 1.95 points to 8337.90 while the BSE Midcap declined 0.4 percent despite positive market breadth.
About 1550 shares advanced against 1210 advancing shares on Bombay Stock Exchange. Consolidation may continue in near term, at least till the beginning of Q1FY17 earnings season that will begin next week with IndusInd Bank, Infosys & TCS numbers and monsoon session of Parliament that will start on July 18, feel experts.
While India is relatively placed better than other markets, it is wise to be cautious, says Samir Arora of Helios Capital. Arora, who expects earnings to grow 16-17 percent this year in rupee terms, says even if GST is put in place, its impact will not be immediate. It won't change earnings in 1-3 years post its implementation, he adds.
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