Sensex ends below 21,000 again, Bhel down on poor show

After a volatile session, the market ended on a lower note.

The Sensex was down 79.85 points to end at 20894.94. The Nifty closed at 6215.15, down 38.00 points.

[caption id=“attachment_1067467” align=“alignright” width=“380”] Representational Image. Reuters[/caption]

Traders say markets will remain in a consolidation mode this week, but could resume their upward trend as foreign inflows are expected to remain strong until the US Federal Reserve starts to taper its monetary stimulus.

Deven Choksey, MD of KR Choksey Shares and Securities finds valuations of midcap stocks attractive at current level. Also, prospects of infrastructure, capital goods stocks are looking better, he tells CNBC-TV18. He further added that buying from foreign institutional investors (FIIs) remained muted in October as well.

Stocks in news:

Metal and banking stocks lead the fall. Hindalco Industries is down 2.3 percent, while Tata Steel falls 1.4 percent, on profit-taking with both having risen for the last six trading sessions.

State Bank of India down 2.6 percent ahead of its earnings next week which is likely to set the tone for other state-run banks. Punjab National Bank down 1.7 percent.

However, ABB India gains 5.5 percent after the power equipment maker and automation technology provider posts a surge in July-September earnings. ABB’s state-run rival Bharat Heavy Electricals is up 0.4 percent ahead of its results due later in the day.

Software services exporters stay up after US-based Cognizant Technology Solutions Corp reported on Tuesday a better-than-expected 22 percent rise in revenue.

Bharat Heavy Electricals fell 1.30 percent down after it posted a worse-than-expected 64 percent fall in quarterly net profit on Wednesday, the fifth straight drop, as a slowdown in demand ate into the sales of the country’s largest power equipment maker.