CLOSING SESSION SUBDUED
Nifty
traded in a very narrow range and closed with a minor loss. A narrow day
presupposes a Big range day. Nifty needs to close above 7600 to enter into
short term bullishness. Nifty has strong support at 7500 /7450 with strong
resistance around 7650 / 7700. Being last day of Derivative settlement, scrip
specific movements are most likely. 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 be better in the opening session and have subdued closing session.
Scrip specific movements are most likely.
Nifty
7569 -11
Review for Wednesday :: Narrow / Lack luster
Movements … !!!
After a huge gain day, market traded in a lack luster
manner and closed with minor loss. 23 of Nifty stocks gained but broader
market too was positive with Advance Decline ratio at 1.2:1. Bank, Energy,
FMCG, Metal indices declined while Realty, Auto, Pharma indices gained.
Hind Unilvere, M&M and Bajaj Auto contributed about 10 points to
Nifty’s gain while ITC, ICICI Bank and Reliance pulled down Nifty
by about 20 points. It was a boring session with narrow
movement.
Bajaj Auto, MAruti, Lupin, GAIL, Hind Unilever
remained major gainers among Nifty
stocks ITC< IDFC, ICICI Bank, DLF and ONGC remained
losers.
Ashok Leyland, IRB, REC. Biocon, Aurobindo
remained major gainers among F&O stocks while Tata Motors DVR,
Yes Bank, IDEA, Petronet, Syndicae Bank declined among F&O stocks.
SENSEX SLIPS AHEAD OF DERIVATIVES EXPIRY
The benchmark Sensex today closed 55.16 points
lower at 25,313.74 on caution ahead of monthly derivatives expiry and volatile
global oil prices due to continued violence in crude producer Iraq. After
opening in positive zone, the BSE Sensex slipped on selling in heavy-weight
stocks, to close lower by 55.16 points, or 0.22 per cent, at 25,313.74.
Intra-day, it moved between 25,427.80 and 25,274.39. The gauge had rallied
337.58 points in the previous session as fall in crude prices had eased
inflation concerns. Automobile company stocks caught buyers' fancy at the
fag-end after government extended excise duty concessions by six months. Gains
in Bajaj Auto, Maruti Suzuki, Hero MotoCorp, Tata Motors and M&M helped the
BSE benchmark cap losses. The 50-scrip NSE index Nifty shed 10.95 points, or
0.14 per cent, to end at 7,569.25 after touching day's high of 7,589.25.
Intra-day, it hit a low of 7,557.05. Militants launched a dawn raid today on a
key Iraqi oil refinery they have been trying to take for days but were repelled
by security forces. US benchmark West Texas Intermediate (WTA) rose 17 cents to
USD 106.20 a barrel while Brent crude eased 65 cents to USD 113.81. Brokers
said investors, who had been buying in the past few sessions, trimmed positions
by booking profits ahead of tomorrow's monthly expiry in futures and options
contracts. Besides, a weak trend in other Asian markets and a lower opening in
European markets also influenced the sentiment. "Investors are now waiting
for the Budget that shall be announced in early next month. Till then, market
is likely to continue with volatility and show consolidation," said Nidhi
Saraswat, Senior Research Analyst, Bonanza Portfolio. RIL shares came under
pressure and ended 0.84 per cent down following reports government would slap a
fresh fine. In the 30-scrip Sensex, 14 stocks, led by RIL, declined. They
include ICICI Bank, Bharti Airtel, Axis Bank, HDFC Bank and L&T. On the
other hand, 16 Sensex constituents gained. The BSE Auto index ended in positive
zone with a rise of 0.76 per cent. Sectorally, the BSE Oil and Gas index fell
the most (0.79 per cent), followed by Capital Goods (0.70 per cent), Banking
(0.43 per cent) and FMCG index. On the other hand, BSE Small Cap index closed
0.35 per cent higher and BSE Mid Cap index by 0.52 per cent.
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