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Late losses pull NSE ASI down 17bps
What shaped the market today?
- Having traded higher for a bulk of the session, the NSE ASI (-17bps) closed in the negative territory amidst late declines in market heavyweight DANGCEM. Global markets rallied further following the U.S Fed decision to leave rates unchanged for the time being, although hinting a possible rate hike in December.
- The Despite a halt in seven-day rally in CONOIL (-23bps), the Oil & Gas sector rose 341bps following pockets of ample gains across - OANDO (+714bps), MOBIL (+500bps), TOTAL (+500bps) and FO (+500bps) amidst. The Consumer Goods sector (+57bps) also closed higher thanks to advances in PZ (+496bps), CADBURY (+169bps) and NB (+103bps). However, the Industrial Goods (-88bps) and Financial Services (-23bps) sectors closed lower on the back of late declines in DANGCEM (-164bps) and losses in GUARANTY (-351bps) and FBNH (-129bps).
- Market breadth turned negative with 20 advances and 25 declines.
What will shape the next trading session?
- Considering the market was on the path of recovery before the weighty losses in DANGCEM dragged the NSE ASI to a negative close, we foresee a possible reversal in the session ahead.
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