Fiscal deficit worries give Sensex, Nifty a scare

Nifty reclaims 10,500 Sensex up 40 points in opening trade

The 30-share Sensex, after touching the day's high of 34,023.65, succumbed to profit-booking and settled lower by 63.78 points, or 0.19 per cent, at 33,848.03. "Rich valuation and lack of fresh triggers may lead the market to a consolidation phase", said Vinod Nair, Head of Research, Geojit Financial Services.

Among BSE sectoral indices, metal index gained the most by 1.31 per cent, followed by realty 0.74 per cent, FMCG 0.37 per cent and oil & gas 0.09 per cent.

"Focus on upcoming Union Budget and government's reforms will direct investors to turn sector/stock specific".

Till today's expiry in December, the Sensex was up by 698.68 points, or 2.10 per cent, and the Nifty 251.35 points, or 2.45 per cent. Key benchmark indices hovered in a narrow range in mid-morning trade with positive bias. The Nifty50 of the National Stock Exchange ended at 10,477.90, recording a loss of 12.85 points or 0.12 percent.

On the other hand, index heavyweight stocks such as Reliance Industries, HDFC Bank, Tata Steel, Dr Reddy's Laboratories and ICICI Bank offset gains.

Broader markets broke with the trend, with small-cap and mid-cap indices rising up to 0.32 per cent.

The Dow Jones Industrial Average rose 28.09 points or 0.11 per cent to 24,774.3, the S&P 500 gained 2.12 points or 0.08 per cent to 2,682.62 and the Nasdaq Composite added 3.09 points or 0.04 per cent to 6,939.34.

Shares of Reliance Communications continued their upward march for yet another session, soaring 19.51 per cent to Rs 37 after reports that Mukesh Ambani-led Reliance Jio will acquire mobile business assets including spectrum, mobile towers and optical fibre network of Reliance Communications. Reliance Capital Ltd rose 4%, Reliance Infrastructure Ltd rose 1.8%, Reliance Naval and Engineering Ltd 4.3%, Reliance Power Ltd rose 4%.

Trading was thin across global markets on the last session of the year. Globally, Hong Kong's Hang Seng rose 0.42 per cent while Japan's Nikkei up 0.25 per cent in early trade.

Dollar index is languishing near its three month low of 92.40 mark and USD/INR futures for January 2018 on the NSE are quoting flat around 64.33 levels, recovering from around 64.44 mark at the start of the trading session today.

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