DSIJ Mindshare

Nifty Hover Around 8200, IT Stocks Nosedives

The Indian markets witnessed some consolidation in the narrow range in today’s trade.  IT stocks like Mphasis, TCS, Tech Mahindra and Hexaware Tech saw deep cuts of more than 3 percent each. Followed by Consumer Durable and Capital Goods index were down more than 100 points each. The Nifty closed nominally negative of 4.5 point at 8219 and Sensex down by 31 points at 27319.

The advance-decline ratio on NSE was negative side, as the day ended with 1178 shares in green and 1725 shares in the red zone.

Top Nifty Gainers: HDFC gained 5.12% in today’s trade, followed by Kotak Mahindra Bank, Coal India, ONGC and Zee Entertain.

Top Nifty Losers: DLF closed the day lower by 4.80%, followed by BPCL, TCS, Tech Mahindra and Sesa Sterlite.

Most of the sectoral indices were negative in today’s session. IT stocks nosedived in today’s trade and were down by 200 points. Followed by Capital Goods and Consumer Durables stocks that were down by more than 100 points each. While Mid-Caps and Small-Caps stocks were closed in negative note. However only bankex witnessed some support and closed up by 73 points.  

The Asian markets had a negative session on the bourses today. The Nikkei saw down move of 272 points, while Hang seng closed on negative note and was down by 221 points. The Taiwan and KOSPI Index too closed in red territory.       

Buzzer: HDFC was up by more than 5.12% on the bourses today and closed up at the technical level around Rs 1100. If the stock opens above this level, it may touch Rs 1150/1200 mark in the next few sessions.

Nifty future stuck around the higher level of 8300 level. Going ahead, index has immediate support levels around 8220 and 8170.

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