The bulls took a breather on Thursday as equity benchmarks closed rangebound session marginally lower after rallying for previous three consecutive days. Sell-off in telecom stocks on Jio's tariff plans & profit booking in Reliance Industries dampened the market sentiment but FMCG, metals, auto and select banks limited the downside. Subdued Q1 GDP and July core industries data also weighed on the market.
The 30-share BSE Sensex was down 28.69 points at 28,423.48 and the 50-share NSE Nifty slipped 11.55 points to 8,774.65. The broader markets also ended lower by 0.4 percent on weak breadth. About 1662 shares declined against 1074 advancing shares on the BSE.
The market may not see major selling pressure in near term as foreign investors started pumping in more money into Indian equities again after showing caution last week ahead of Federal Reserve Chief speech, feel experts.
With raising Sensex target to 30,000, Surendra Goyal of Citi says with the expected catalysts of GST, monsoon playing out and the market delivering 20 percent returns since February/March, focus will shift to H2 earnings.
He expects 12 percent/15 percent Sensex/Nifty profit growth in FY17. While the pace of recovery will likely be uneven, there are reasons to be positive in the medium term - reform impact, likely consumption uptick, peaking of NPL cycle, bottoming utilisation, increasing return on equities, he says.
Telecom stocks butchered badly with the Bharti Airtel and Idea Cellular falling 6-10 percent after Reliance Industries Chairman Mukesh Ambani unveiled Jio's aggressive tarriff plans.
The 30-share BSE Sensex was down 28.69 points at 28,423.48 and the 50-share NSE Nifty slipped 11.55 points to 8,774.65. The broader markets also ended lower by 0.4 percent on weak breadth. About 1662 shares declined against 1074 advancing shares on the BSE.
The market may not see major selling pressure in near term as foreign investors started pumping in more money into Indian equities again after showing caution last week ahead of Federal Reserve Chief speech, feel experts.
With raising Sensex target to 30,000, Surendra Goyal of Citi says with the expected catalysts of GST, monsoon playing out and the market delivering 20 percent returns since February/March, focus will shift to H2 earnings.
He expects 12 percent/15 percent Sensex/Nifty profit growth in FY17. While the pace of recovery will likely be uneven, there are reasons to be positive in the medium term - reform impact, likely consumption uptick, peaking of NPL cycle, bottoming utilisation, increasing return on equities, he says.
Telecom stocks butchered badly with the Bharti Airtel and Idea Cellular falling 6-10 percent after Reliance Industries Chairman Mukesh Ambani unveiled Jio's aggressive tarriff plans.
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