Sensex, Nifty choppy; PNB Housing, Varun Beverages most active

Equity benchmarks remained directionless in afternoon trade as investors remained cautious ahead of the outcome of the US presidential elections. Even European markets were mixed in early trade.

The 30-share BSE Sensex was up 15.92 points at 27474.91 and the 50-share NSE Nifty gained 3.95 points at 8501 while the market breadth remained negative. 

About 1589 shares declined against 1165 advancing shares on the BSE.

Lori Calvasina, Chief US Equity Strategist of Credit Suisse says with the 2016 presidential election in final lap, the Credit Suisse Public Policy team anticipates a Hillary Clinton victory in the White House, gives a slight edge to the Republicans for the Senate, and expects the House of Representatives to stay firmly under Republican control.

Under a Clinton win with a split or Republican Congress, he anticipates a neutral to moderately positive move in US equities in the 0-7 percent range. Under a Trump win, he thinks US equities would fall and base case is for a downward move in the 5-10 percent range.

Varun Beverages rebounded after subdued listing, up 5.6 percent to Rs 464.30. PNB Housing Finance extended rally after yesterday’s debut, up 9 percent to Rs 972. Both were most active shares on bourses, followed by Mindtree, ICICI Bank, Force Motors, Sun Pharma and Tata Motors.

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