DSIJ Mindshare

During lunch hours on Friday, the stock of steel companies were buzzing and trading up by around 3.50 to 4 per cent in anticipation of price hike for HRC.

Despite positive Q4 earnings report on Friday after market hours, Ashok Leyland, the commercial vehicle giant, drowned more than 9 per cent and closed 9.5 per cent down. Now the stock has just taken resistance turned support at 133.50 levels.

Benchmark indices witnessed 5 consecutive downfalls and most of the sectoral indices have followed. Meanwhile, IT index has remained sideways, consolidating for the last 11 days. IT major, TCS has hit a new all-time high after consolidating for 3 weeks.

PSU Banking index was off its multiple support zone at the start of May 2018. The same bounce was misconceived as bottom fishing for the PSU Banking sector. It was just a short covering after major PSU Banks had badly fallen post Q4 results.

It was a roller-coaster day for the Indian stock markets in the lieu of the Karnataka assembly election results. Expecting a win for BJP, the Indian benchmark indices witnessed a dynamic impulse, however retreated from their psychological levels of 10950 and 36000 for Nifty and Sensex respectively, to close flat.