Sensex, Nifty consolidate; Capital Goods, IT indices rally



Moneycontrol Bureau

Benchmark indices consolidated with the Nifty hovering around 8400. The 50-share index is up 22.50 points or 0.3 percent at 8403.15 while the Sensex is up 92.04 points or 0.3 percent at 27232.45.

NTPC, L&T, Infosys, ONGC and ICICI Bank are top gainers while Lupin, Dr Reddy’s Labs, Coal India, Sun Pharma and BHEL are losers in the Sensex.

India’s GDP growth numbers are expected to see a decline of 2 percent in the third and fourth quarters of the current fiscal, as effective currency in circulation has contracted significantly, says an HSBC report.

However, it said, as enough notes are printed, growth is likely to return to the “7 percent ballpark”.

According to the global financial services major, the government’s decision to abolish old stock of high denomination currency (demonetisation) and issue new notes (remonetisation) could have a mixed impact on the macro economy over a year.

Source link