Sensex, Nifty Begin New Year 2018 On Cautious Note

Traders said some profit-booking emerged in stocks that logged gains recently in absence of cues from other Asian markets that were closed for public holiday.

Sensex, Nifty Begin New Year 2018 On Cautious Note

22 stocks in the Nifty 50 were trading in the positive zone (Representational image)

Stock markets opened on a cautious note on the first trading session of New Year 2018, with the benchmark BSE Sensex rising 44 points to 34,101 and the NSE Nifty down 14 points at 10,516. Some buying was witnessed in banking, pharma and realty shares. SBI, Indiabulls Housing Finance, Sun Pharma, Aurobindo Pharma, Dr Reddy's Laboratories and ITC were among the top gainers on the 50-scrip Nifty in early morning deals - higher between 0.4 per cent and 3.3 per cent.

Traders said some profit-booking emerged in stocks that logged gains recently in absence of cues from other Asian markets that were closed for public holiday. The US Dow Jones Industrial Average closed 0.48 per cent down on the final day of 2017 on Friday.

The 30-share Bombay Stock Exchange (BSE) benchmark index had gained 208.80 points in the previous session to close at 34,056.83.

At 10:08 am, 22 stocks in the Nifty 50 were trading in the positive zone. The NSE benchmark index was trading 1 point up at 10,531 and the Sensex was up 27 points at 34,084.

Among the top losers on the 50-scrip Nifty were Bharti Infratel, Vedanta, TCS, Hindalco Industries and HUL - down up to 0.7 per cent.

2017 was an upbeat year for the markets. The Sensex and Nifty surpassed the 34,000 and 10,500 levels for the first time, shrugging off below-expected corporate earnings as well as uncertainties on the global front. While the implementation of the GST caused short-term disruptions, investors feel the government will stay firm on its reforms agenda, backed by the BJP's strong showing in Gujarat and Himachal Pradesh assembly elections, brokers said.

The Sensex clocked its best performance in recent years, rising by 7,430.37, or 27.91 per cent in 2017. The Nifty rallied 2,344.90 points, or 28.65 per cent, in 2017.

(With inputs from PTI)
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