MUMBAI: The S&P BSE Sensex
was witnessing a sluggish session with negative bias in absence of cues
from global peers, as traders stayed on sidelines ahead of the fourth
quarter results.
At 01:00 p.m.; the 30-share index was at 18,450.47, up 1.49 points or 0.01 per cent. It touched a high of 18,504.48 and a low of 18,402.93 in trade today.
The Nifty was at 5,548.45, down 4.80 points or 0.09 per cent. It touched a high of 5,569.20 and a low of 5,537.05 in trade today.
"Currently, the Nifty is in the major support zone of retracements and extensions but failing to hold 5,500 on a daily basis will trigger weakness to 5,440/5,350. An important observation is that almost all major stocks from each and every large sector have corrected almost 20 per cent from their highest levels that signaling at systematic selling from major players/participants," said Kotak Securities report.
"However, in technical terms it's a classic ground for the market to stabilize if any positive outcome comes. There are few sectors like FMCG, pharma and IT which are still away from the recent carnage but they are defensives and behaving exactly the same. It is an indication that the cyclical stocks are not going to improve in the medium term. In brief, technically traders have to trade on both the sides with minimal stop losses but for investors it's a time to accumulate index stocks with a medium to long term view," the report added.
The S&P BSE Midcap Index was up 0.14 per cent and the S&P BSE Smallcap Index gained 0.25 per cent.
Among the sectoral indices, the S&P BSE Healthcare Index was up 1.11 per cent, the S&P BSE Power Index was 0.89 per cent higher and the S&P BSE Oil & Gas Index gained 0.72 per cent. The S&P BSE IT Index was down 0.87 per cent, the S&P BSE Capital Goods Index was 0.39 per cent lower and the S&P BSE Auto Index was down 0.27 per cent.
Bharti AirtelBSE 3.90 % (2.79 per cent), BHELBSE 2.62 % (2.64 per cent), CiplaBSE 2.19 % (1.98 per cent), Dr Reddy's Laboratories (1.92 per cent) and Sun Pharmaceuticals (1.62 per cent) were among the top Sensex gainers.
WiproBSE -1.39 % (3.02 per cent), Sterlite IndustriesBSE -1.85 % (1.62 per cent), TCSBSE -1.27 % (1.16 per cent), L & T (1.12 per cent) and ITCBSE 0.50 % (0.84 per cent) were among the top index losers.
Market breadth was positive on the BSE with 1014 gainers against 929 losers.
Foreign institutional investors sold shares worth Rs 203.19 crore while domestic institutional investors bought equities worth Rs 21.47 crore on Friday as per the provisional data from the National Stock Exchange.
ABDUL WAHEED
PGDM 2nd SEM.
IIMT COLLEGE OF MANAGEMENT
At 01:00 p.m.; the 30-share index was at 18,450.47, up 1.49 points or 0.01 per cent. It touched a high of 18,504.48 and a low of 18,402.93 in trade today.
The Nifty was at 5,548.45, down 4.80 points or 0.09 per cent. It touched a high of 5,569.20 and a low of 5,537.05 in trade today.
"Currently, the Nifty is in the major support zone of retracements and extensions but failing to hold 5,500 on a daily basis will trigger weakness to 5,440/5,350. An important observation is that almost all major stocks from each and every large sector have corrected almost 20 per cent from their highest levels that signaling at systematic selling from major players/participants," said Kotak Securities report.
"However, in technical terms it's a classic ground for the market to stabilize if any positive outcome comes. There are few sectors like FMCG, pharma and IT which are still away from the recent carnage but they are defensives and behaving exactly the same. It is an indication that the cyclical stocks are not going to improve in the medium term. In brief, technically traders have to trade on both the sides with minimal stop losses but for investors it's a time to accumulate index stocks with a medium to long term view," the report added.
The S&P BSE Midcap Index was up 0.14 per cent and the S&P BSE Smallcap Index gained 0.25 per cent.
Among the sectoral indices, the S&P BSE Healthcare Index was up 1.11 per cent, the S&P BSE Power Index was 0.89 per cent higher and the S&P BSE Oil & Gas Index gained 0.72 per cent. The S&P BSE IT Index was down 0.87 per cent, the S&P BSE Capital Goods Index was 0.39 per cent lower and the S&P BSE Auto Index was down 0.27 per cent.
Bharti AirtelBSE 3.90 % (2.79 per cent), BHELBSE 2.62 % (2.64 per cent), CiplaBSE 2.19 % (1.98 per cent), Dr Reddy's Laboratories (1.92 per cent) and Sun Pharmaceuticals (1.62 per cent) were among the top Sensex gainers.
WiproBSE -1.39 % (3.02 per cent), Sterlite IndustriesBSE -1.85 % (1.62 per cent), TCSBSE -1.27 % (1.16 per cent), L & T (1.12 per cent) and ITCBSE 0.50 % (0.84 per cent) were among the top index losers.
Market breadth was positive on the BSE with 1014 gainers against 929 losers.
Foreign institutional investors sold shares worth Rs 203.19 crore while domestic institutional investors bought equities worth Rs 21.47 crore on Friday as per the provisional data from the National Stock Exchange.
ABDUL WAHEED
PGDM 2nd SEM.
IIMT COLLEGE OF MANAGEMENT
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