MARKET WRAP: Infy, RIL support Sensex, Nifty ends below 11,600; banks slip
All that happened in markets today.
 "Brokers trade at their computer terminals at a stock brokerage firm in Mumbai. Photo: Reuters")
The benchmark indices ended little changed on Tuesday after two days of spectacular rally as investors booked profits. The S&P BSE Sensex ended at 39,097.14, up just 7 points or 0.02 per cent, with Infosys (up around 4 per cent) being the top gainer and SBI (down over 3.50 per cent) the biggest loser.
During the session, the index hit an intra-day high and low of 39,306.37 and 38,913.06, respectively. Out of 30 components, 15 settled with gains and the rest 15 declined.
In the broader market, the S&P BSE MidCap index ended 74 points or 0.51 per cent lower at 14,480.70 levels and the S&P BSE SmallCap index settled at 13,588.20, up 23 points or 0.17 per cent.
On NSE, the benchmark Nifty50 index ended at 11,588.20, down 12 points or 0.10 per cent.
Sectorally, IT stocks advanced the most, followed by FMCG and pharma counters. The Nifty IT index gained over 2 per cent to 15,338.65 levels. On the flip side, PSU bank stocks bled the most. Nifty Bank lost 383 points or 1.25 per cent to end at 30,183.10.
BUZZING STOCKS
Shares of Reliance Industries (RIL) rallied 5 per cent to Rs 1,298 in the intra-day deals on the BSE after Morgan Stanley maintained an 'overweight' stance on the stock. The foreign brokerage revised target price of RIL to Rs 1,469 from Rs 1,349, earlier. The stock, eventually, settled at Rs 1,278.55, up 3.22 per cent.
Shares of the Multi Commodity Exchange of India Ltd. (MCX) surged as much as 10 per cent, to trade nearly two-year high of Rs 1,030, on the BSE on back of heavy volumes. At close, the stock price stood at Rs 992.05 apiece, up nearly 6 per cent.
GLOBAL MARKETS
Global shares edged up on Tuesday after US Treasury Secretary Steven Mnuchin confirmed US-China trade talks will resume next month, but lingering concerns about slowing global growth reduced the overall appetite for riskier assets. MSCI’s broadest index of Asia-Pacific shares outside Japan inched up 0.1 per cent, led by 0.6 per cent gains in mainland Chinese shares. Japan’s Nikkei was up 0.2 per cent.
In Europe, pan-European Euro Stoxx 50 futures were up 0.26 per cent, German DAX futures were up 0.24 per cent and FTSE futures gained 0.33 per cent. US stock futures, too, gained 0.38 per cent.
(With inputs from Reuters)
4:00 PM
Tech view on today's trade
After two strong sessions, the Nifty took pause on Tuesday and closed weak at 11,588 with minor loss of 12 points. The Index has gap in between 11,382-11,471 levels, hinting that this area will act as a strong support in the coming sessions. For the coming session, the index may remain sideways. It needs to sustain above 11,700 mark to continue its bull-run.
Nifty Bank, on the other hand, closed the day at 30,183 levels with loss of 383 points and formed 'Doji Candle' pattern on the daily chart. This indicates indecision. An immediate support for index is near 29,960-29,450 zone, while there is resistance near 30,400-30,800 levels, charts suggest
(Source: Rohit Singre, senior technical analyst, LKP Securities)
Nifty Bank, on the other hand, closed the day at 30,183 levels with loss of 383 points and formed 'Doji Candle' pattern on the daily chart. This indicates indecision. An immediate support for index is near 29,960-29,450 zone, while there is resistance near 30,400-30,800 levels, charts suggest
(Source: Rohit Singre, senior technical analyst, LKP Securities)
3:56 PM
Public sector bank (PSB) stocks see profit booking
3:55 PM
IT stocks rally
Infosys among key gainers
3:54 PM
Nifty snapshot
3:51 PM
Sensex heat map
3:39 PM
CLOSING BELL
The S&P BSE Sensex ended at 39,097.14, up just 7 points or 0.02 per cent while NSE's Nifty50 index slipped below 11,600 level to end at 11,588.20.
3:31 PM
NEWS ALERT | Proposed 2-day bank strike has been deffered, says SBI: CNBC-TV18
3:24 PM
ITD Cementation tanks 20% on heavy volumes, hits 4.5-year low
ITD, which was quoting lower for the seventh straight day, have plunged 33 per cent during the period, after rating agency ICRA placed ratings of its long-term fund based and non-fund based facilities worth of Rs 4,900 crore of the company under "watch with developing implications". In comparison, the S&P BSE Sensex has gained 4 per cent during the same period. READ MORE
3:10 PM
NEWS ALERT | PMC Bank may have lent to real estate company or companies: CNBC-TV18
2:47 PM
Buzzing stock | PVR hits 52-week high
2:47 PM
NEWS ALERT | Adani Enterprises incorporates 'Adani Guwahati International Airport': BSE Filing
2:33 PM
Market check | Sensex sees sudden surge
2:30 PM
ICICI Securities on Radico Khaitan
Radico has been able to penetrate the segment and create an own niche for itself. With a continued focus on brand development, newer premium IMFL (Indian Made Foreign Liquor) launches and strong distribution network built over the years, we ascribe a 'BUY' rating to Radico Khaitan with a target price of Rs 400 (18x FY21E P/E).
2:28 PM
NEWS ALERT | IRCTC to launch IPO on September 30: Reports
2:26 PM
Indian Bank hits 52-week low
Topics : Markets MARKET WRAP
Don't miss the most important news and views of the day. Get them on our Telegram channel
First Published: Sep 24 2019 | 7:16 AM IST
