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Mkts end flat amid volatility
Mkts end flat amid volatility, Markets fell for the fifth straight day and ended flat on Thursday trade amid volatile trading following investors booking profits on blue chip stock including ONGC, ICICI Bank, etc.
Mumbai: Markets fell for the fifth straight day and ended flat on Thursday trade amid volatile trading following investors booking profits on blue chip stock including ONGC, ICICI Bank, etc.
Sensex closed down 32 points at 28,851 and Nifty ended 12 points lower at 8,712. According to exchange data, the FIIs continue to be sellers and reported Rs 83 crore sales on Wednesday.
Nifty traded in a highly volatile manner and encountered heavy selling at higher levels to close with a minor loss. Barring IT and FMCG, all other indices closed weak for the day.
The subdued markets across the region dampened the investor sentiment. Among the sectorals, heavy selling pressure is seen in power, realty and consumer durables, however, gains seen in IT and FMCG.
Going by the trading pattern for the day, it was observed that Oil shares closed lower on profit taking after recent gains. RIL and ONGC ended down 0.7 and 3.4 per cent each.
Tata Power is the top loser down with 7.5 per cent. The financial shares slowly firming up with HDFC share up by 3.7 per cent, HDFC Bank, Axis Bank and SBI ended up 1 to 3 per cent each.
The pharma pack performed down with Aurobindo closed with loss of 4 per cent after it posted 8 per cent down in its net to Rs 384 crore for the third quarter. Similarly Novartis India ended down 5.5 per cent after the company reported loss of Rs 1.18 crore for the quarter ended December 2014.
The gainers: Wipro, up 3.18 per cent at Rs 637.30; Infoysy, up 2.41 per cent at Rs 2,193.60; Tata Consultancy Services (TCS), up 1.51 per cent at Rs 2,551.90; HDFC, up 1.28 per cent at Rs 1,248.90; and Axis Bank, up 1.28 per cent at Rs 566.45.
The losers: Tata Power, down 7.48 per cent at Rs 83.45; Sesa Sterlite, down 4.06 per cent at Rs 207.80; ONGC, down 3.38 per cent at Rs 355.90; Hindalco Inds, down 2.80 per cent at Rs 147.80; and BHEL, down 2.67 per cent at Rs 277.50.
Outlook for Friday: Midsession better
Stop loss for Nifty’s short positions may be maintained at 8850 (on close basis). Nifty spot is expected to encounter resistance at 8755, 8795 and find support at 8670, 8630 for Friday. While global cues, quarterly results and funds flow are expected to broadly guide the market movement, based on the present market position. It is expected to trade in a zigzag manner with recovery from lower levels in midsession and possible profit booking towards close. Hence any intraday rise may be utilised to sell. Further, Delhi Election outcome would weigh heavily on the market sentiment till the declaration of results.– Dr B Amaranatha Sastry
