Indices Choppy, Nifty Below 8500 Mark
The Indian market witnessed a choppy action in today’s trade. The benchmark indices struggled to hold their early gains and the profit booking creped in last one and half hour of trade that led to closing of indices at lower end of today’s trade. The majority of selling was witnessed in Banking stocks resulting into banking index falling around 171 points in today’s trade. The Capital Goods and IT index too closed in negative territory. The Nifty ended at 8491 while Sensex was down by 18 points and closed at 27957 at the closing bell.
The advance-decline ratio on NSE was positive side, as the day ended with 1584 shares in green and 1139 shares in the red zone.
Top Nifty Gainers: BPCL closed the day higher by 5.39%, followed by Tata Power, GAIL, Tata Motors and Reliance.
Top Nifty Losers: ONGC closed the day lower by 2.81%, followed by PNB, Ultra Tech Cement, Tata Steel and Hindalco.
The sectoral indices were mixed in today’s session. Banking stocks dragged the indices on lower side and were down by 171 points. Followed by Capital Goods and IT stocks that too closed on a negative territory and were down by 84 points and 23 points respectively. However Healthcare and Auto managed to closed in positive territory and were up by 176 points and 121 points respectably. Mid-caps and Small-Caps closed in green mark, up by 32 points and 95 points respectively.
The Asian markets witnessed a mixed scenario. The Nikkei market witnessed a down move by 204 points. Followed by Shanghai Composite market which was down by 37 points. However the Hang Seng and Taiwan market saw positive movement.
Buzzer: BPCL was up by more than 5.39% on the bourses today and closed above at the technical level around Rs 805. If the stock opens above this level, it may touch Rs 820/830 mark in the next few sessions.
From last couple of days, Nifty Future witnessed major volume around 8500 level. Going ahead, 8500 will be the pivot level for further move.