The BSE Sensex was down by 92.89 points at 26559.92 and the NSE Nifty was down by 31.60 points at 8192.90. The market is in a trading range. Whatever gains it had made since last 4 days was snapped today. Reliance JIO a Mukesh Ambani group company announced a boquet of offers which include Data, voice and video till March 31st 2017. This has led to fall in telecom stocks as other companies have not given such attractive offers till now.
The Demonetisation drive has effected many businesses as demand from the rural sector is high particularly fmcg and rural India is a cash economy. Maruti and Enfield have done very well as their sales have improved. Consumption will be very low as people mainly workers in small establishments are not getting their money due to currency shortage. The Real Estate Sector is down due to the ban on Rs 500 and Rs 1000 notes. Real Estate is carried out on cash and cheque basis. India has to get used to bank transactions to get on to normalcy. The next quarter results are to be seen to study the market. Markets will tend to be weak for sometime and much time is required to pick up. Meanwhile opportunities are there for picking stocks. HAPPY TRADING AND INVESTING.
