Sensex, Nifty sluggish; Tata Motors, ICICI, Axis Bank gain

Equity benchmarks remained lacklustre due to lack of domestic as well as global cues. Current consolidation suggested that so far, the market seems to have priced in the effect of demonetisation on equities. Now the street will closely watch its effect on Q3 earnings of auto, FMCG, consumer durables, cement and retail etc, which will be announced in January.

The 30-share BSE Sensex was up 37.14 points at 26335.83 and the 50-share NSE Nifty gained 5.30 points at 8116.90.

The market breadth remained weak as about 1254 shares declined against 934 advancing shares on the BSE.

Tata Motors was the biggest gainer on the Sensex, up 2.6 percent followed by ICICI Bank, Axis Bank, ONGC and Cipla with over a percent gain.

PSU Banks continued to climb higher as deposits have been piling up after the government banned a legal tender of Rs 500 and Rs 1000 notes. Nifty PSU Bank index rose over a percent as Bank of Baroda, Canara Bank, Allahabad Bank, Union Bank, PNB, Bank of India, OBC and SBI gained 1-2 percent.

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