Financials News

Sensex begins 2017 on negative note, drops 132 points in early trade

Sensex begins 2017 on negative note, drops 132 points in early trade

New Delhi: Stock markets did not get off to the best possible start on the first trading day of 2017, with the benchmark BSE Sensex falling over 132 points in Monday’s 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 per cent, to 26,494.09 in early trade on Monday.

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 per cent and loan of up to Rs 12 lakh will get a 3 per cent 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 per cent.

The broad-based NSE Nifty was down 44.80 points, or 0.54 per cent, 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 on Sunday, left an impact on the markets.

PTI