WIDE RANGE DAY...SCRIP SPECIFIC MOVEMENTS
After Two days’ of mild correction, Nifty closed with minor gains and continues to hold 7300 level. Stop loss for Nifty may be maintained at 7265 (on close basis). Scrip specific movement can be expected in view of the last day of Derivative settlement. While Global cues, Quarterly results and Funds flow are expected to broadly guide the market movement, based on the present market position , market can be expected to experience zigzag movement with subdued midsession. Stock specific movements can be expected in view of the last day of the derivative settlement and a wide range too can be expected in view of the narrow movement for the last Two days.
Nifty 7330 +12
Review for Wednesday :: Lackluster Movements… … !!!
Market traded in a very narrow range and closed with minor
gains for the day. 28 of Nifty stocks ended in the green and broader market too
was positive with Advance Decline ratio
at about 2:1. IT, Realty Infra indices gained while Metal, PSU Bank, Auto,
Energy indices closed weak for the day. HDFC Bank, Infy, ICICI Bank contributed about 20 points to Nifty’s gain
while ONGC, M&M, dragged down by more than 10 points.
Ultra Cement, Ambuja Cement, Tata Power, ACC, HCL Tech remained gainers among Nifty stocks while Coal India, ONGC,
Asian Paints, M&M, remained major losers.
PFC, Orient Bank, Ultra Cement, Ambuja Cement, remained major gainers
among F&O stocks while Sail, Dish TV, HPCL, Syndicate Bank, JP Power
declined among F&O stocks.
ANOTHER FLAT CLOSING
Equity benchmarks Sensex and Nifty today
eked out marginal gains in choppy trades on alternate bouts of buying
and selling ahead of the expiry of May derivative contracts tomorrow.
Brokers attributed nearly stable market to rolling over positions in the
futures and options (F&O) segment from May series to June before
the expiry of equity derivatives. IT, Teck and Realty counters
attracted good buying while Metal, Consumer durable and Auto stocks
recorded losses. The BSE 30-share barometer resumed slightly better and
moved erratically in a range of 24,643.33 and 24,488.81 before
finishing at 24,556.09, a rise of 6.58 points or 0.03 per cent.
Yesterday, it had fallen 167.37 points or 0.68 per cent. Smart gains
were seen in the likes of HDFC Bank, Infosys, TCS, ICICI Bank, L&T,
Bharti Airtel, Tata Power, Hero MotoCorp and Wipro. ONGC, Tata Motors,
M&M, GDFC, Coal India, ITC, SBI, Sun Pharma and NTPC, among others,
closed lower. The wide-based 50-issue CNX Nifty of the NSE also edged
up by 11.65 points, or 0.16 per cent, to end at 7,329.65. Jignesh
Chaudhary, Head of Research, Veracity Broking Services said: "Local
indices traded flat as foreign investors extended their selling, as some
of them are booking profit at the higher levels. Also, investors are
being cautious ahead of the expiry of May derivative contracts due
Thursday." Smallcaps outperformed large-caps on buying by retail
investors. The BSE Smallcap index closed up 1.63 per cent. Meanwhile,
foreign institutional investors (FIIs) sold shares worth a net Rs 202.61
crore yesterday as per provisional data from the stock exchanges.
Markets are now looking at RBI's Monetary policy next week and also the
Union Budget in July by the new government, brokers said. Excepting
Singapore, which closed slightly weak, other Asian markets ended with
gains after China reported increase in industrial profits. Indices in
China, Hong Kong, Japan, South Korea and Taiwan closed up in 0.24-0.97
per cent range. European benchmarks were trading flat to positive in
their early morning deals.
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