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Markets end flat
Markets continued its volatile session on Wednesday to close the trade on a negative note as the global markets still remained concerns and dollars are moving out of emerging markets like India.
Infosys, Dr Reddy’s down over 4 %
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Mumbai: Markets continued its volatile session on Wednesday to close the trade on a negative note as the global markets still remained concerns and dollars are moving out of emerging markets like India.
Sensex closed at 26,246, down 25 points and Nifty ended at 7,842, down 9 points on Wednesday trading session. On the other hand, the Midcap index down by 0.23 per cent and Smallcap gained marginally by 0.06 per cent.
The healthcare, information technology and technology, entertainment and media stocks added to the falling trend. While buying also seen in capital goods, bank and O&G counters.
IT stocks like Infosys down 4.7 per cent, Wipro 4.03 per cent and Pharma stocks Dr Reddy's Labs down 4.37 per cent, Sun Pharma down 4.4 per cent and Cipla down 2.5 per cent are among the top losers.
While Tata steel up 3.52 per cent, L&T up 2.32 per cent, ONGC up 2.30 per cent, NTPC up 2.24 per cent and BHEL up 2.10 per cent are among the top gainers.
Second-half better
Nifty traded in a narrow range and in a zigzag manner and closed with nominal decline for the day. IT and Pharma indices fell sharply while generally non performing sectors such as Banks, Energy, Infra etc, gained for the day. Strong support for October is at 7800 and further weakness would set in only when it closes below 7800 for more than two sessions.
Nifty spot is expected to encounter resistance at 7885, 7920 and find support at 7800, 7765 for Thursday. While global cues and funds flow are expected to guide the market based on the present market condition, it may be expected that the market can be traded in a zigzag manner with subdued forenoon session and recovery in second half and particularly towards close. - Dr B Amaranatha Sastry
