Fag-end buying drives Sensex higher after two-day hiatus, up 55 points

Airtel, Nestle India, TCS and ITC contributed the most to gains for the benchmark indices

4:51 PM

TECH VIEW :: Nagaraj Shetti, Technical Research Analyst, HDFC Securities

A reasonable positive candle was formed on the daily chart, which indicate a continuation of range bound action in the market. There was no sharp weakness on the day of weekly F&O expiry of Thursday and a sustainable buying has emerged towards end. This could signal chances of an upside bounce in the coming sessions. The minor degree of higher tops and bottoms continued in Nifty as per daily timeframe chart. Wednesday's swing low of 17254 could now be considered as a new higher bottom of the sequence.

 

Nifty on the weekly chart formed a small negative candle with minor upper and lower shadow. Technically, this formation indicate a spinning top type candle pattern at the new highs. As happened in the past, the market could now shift into a broader high low range of around 17600-17200 levels by next week.

 

The short term trend of Nifty continues to be range bound. Having recovered in the later part of Thursday, there is a possibility of an upside bounce in the next early part of next week before encountering another resistance around 17500-17600 levels. Immediate support is placed at 17200.

4:07 PM

MARKET VIEW | Vinod Nair, Head of Research at Geojit Financial Services

Domestic markets were highly volatile tracking negative cues from global markets amidst selling seen in realty and pharma stocks. However, mid and small-cap stocks continued to attract buyers leading to its outperformance. Regulatory crackdown in China, global concerns over the looming reduction in asset purchases ahead of the European Central Bank meeting and slowdown in economic recovery pulled global markets lower.

4:05 PM

CLOSING COMMENTS :: Binod Modi, Head Strategy at Reliance Securities

Domestic benchmark indices traded in rangebound today and continued to oscillate between minor gains and losses. Metals, IT and FMCG witnessed rebound today, while financials (excluding PSU Banks), pharma and realty witnessed profit booking. Notably, buying momentum remained visible in midcap and smallcap stocks as sustained earnings growth visibility lifted sentiments in these counters. Volatility index softened today over 4%. Notably, benchmark Nifty recorded modest gain of around 0.2% during the week, while ~Rs1.3lakh crore was added in investors’ wealth in the week. Nestle, ONGC, Bharti Airtel and Hindalco were among top Nifty gainers, while SBI Life, Titan, HDFC Life and Divi’s Lab were laggards.

4:04 PM

SBI Life tanks 4% on Canada Pension Plan Investment Board's plan to offload 2 per cent stake

4:01 PM

Dish TV continued to surge on YES Bank's notice to change management

3:56 PM

UCO Bank ends nearly 11% higher after RBI lifts bank out of prompt corrective action

3:53 PM

Future Retail ends almost 10% higher after SC stayed proceedings in Future Group, Amazon dispute

>> SC stayed proceedings on Amazon's plea to enforce arbitrary award

3:46 PM

Broader markets outperform benchmarks; Nifty Smallcap 100 ends 0.6% higher

3:44 PM

SECTOR WATCH :: Nifty Media, FMCG, Metal and IT top gainers; Nifty Realty, fin services and Bank ended lower

3:40 PM

Sensex Heatmap | Top gainers & losers at close

>> Top gainers: Bharti Airtel, Nestle, Tata Steel, Bajaj Finserv

 

>> Top losers: Titan, Ultratech Cement, Bajaj Auto, Axis Bank

3:39 PM

CLOSING BELL :: Fag-end buying drives Sensex, Nifty higher after two-day hiatus

Buying towards the fag-end of the trading day drove benchmarks to the positive territory on a subdued trading day after a two-day hiatus. Today was also the weekly F&O expiry. Benchmarks had started the session on a flat note amid selling pressure in select IT and financial stocks. The 30-pack Sensex closed the day at 58,305, up 55 points and the NSE Nifty settled just 3.9 points higher at 17,357 level. Top losers on the benchmarks included SBI Life, HDFC Life, and Titan. Top gainers were ONGC, Bharti Airtel, and Nestle.

3:24 PM

AVIATION MINISTER :: To set up 5 new airports

>> To start 50 new routes under regional connectivity

>> Have sent letters to 29 states for airport expansion

>> Written to states to rationalise on ATF

 

3:21 PM

ALERT :: Ujiivan Financial Services appoints Sanjeev Barnwal as CEO

3:15 PM

ALERT :: Fag-end buying drives Sensex into the green

3:11 PM

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