What Happened With Market Today

Equity benchmarks snapped a two-week winning streak, as they declined for the fourth consecutive day, thereby logging the longest losing streak in three weeks. Losses in metals, healthcare, and information technology stocks dragged the markets.

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Sensex shed 102 points or 0.2% to close at 60,822 while touching an intra-day high of 61420. Nifty fell 63 points or 0.35% to close at 18,115 while touching an intra-day high of 18314. Both the benchmarks slipped as much as 0.75% in intraday trade. For the week, Sensex and Nifty shed 1% each. However, banking stocks continued to northbound journey. Bank Nifty climbed up over half percent (293 points) to a close record high of 40323 led by private banks. Hindalco, Tata Motor, Infosys, ITC, Maruti and were major losers while HDFC, Bajaj Auto, Kotak Bank, and Axis Bank were major gainers today.

The broader indexes underperformed their broader peers with the Nifty Midcap index and the SmallCap declining 1%. The nifty Metal index witnessed biggest losers today and shed nearly 3%. Nifty FMCG and Auto Index slipped 1% each. Nifty IT Index shed 1.5% while PSU Bank Index slipped half percent. Nifty Realty index surged by 2% while the Nifty Pharma Index slipped by 1.5%. India Vix slipped 3% to close at 17.54.

Domestic market not yet participated rally with global markets on account of profit booking after a relentless buying in the past. Moreover, sentiment has been dampening on account of rising oil prices, poor quarterly results announced by select FMCG players (Asian Paint), and local fund selling pressure. Among the global markets, both Asian and European markets gained following a record-breaking lead from Wall Street, while a report that troubled developer China Evergrande had paid interest on an overdue bond a day before the deadline eased concerns over a default. US market overnight gained on a record high on account of impressive corporate results announced by Tesla, Pool Corp., and Tractor Supply Co.

Metal stocks witnessed the biggest losers today on account of declined metal prices globally. Hindustan Zinc slipped 6% to close at Rs322 after announced Q2 results. Vedanta nosedived 8% to close at Rs324. Hindalco shed 5% to close at Rs470. National Aluminum, Tata Steel, Jindal Steel, and NMDC declined by 2-4%. JSW Steel slipped 1% to close at Rs668 while the company reported impressive Q2 results.

Among the banking stocks, private banks witnessed fresh buying while profit booking in PSU Banks. ICICI Bank gained marginally to close at Rs760 ahead of Q2 results tomorrow. Federal Bank climbed up by 8% to close at Rs104 amid hefty volume 13cr shares traded on NSE after the company announced strong Q2 results. Kotak Bank gained over 1% to close a record high of Rs2171. Axis Bank, RBL Bank, Bandhan Bank, AU Bank, and IndusInd bank gained 1-2%. PSU Bank like PNB, Union Bank, BoB, and Canara Bank declined 1-3% on account of profit booking.

NBFC stocks like LIC Housing slipped 7% to close at Rs408 after announced poor Q2 results. Can Finance Home slip 6% to close at Rs658 after announced Q2 results? Auto stocks like TVS Motor climbed up over 7% to close at Rs620 after the company reported strong Q2 results. However, Tata Motor slipped 3% to close at Rs490 on account of profit booking. Maruti, Ashok Leyland, and Eicher Motor slipped 1-2% on account of profit booking.

Real Estate stocks witnessed fresh buying on account of improved registration, good quarterly registration, and the benefit of soft home loan interest rate. Brigade gained 6% to close at Rs448 and Godrej Properties advance 3% to close at Rs2350. Sobha, IB Real, Prestige, and Oberoi Realty gained 1-3%. Tech stocks like Mphasis slipped 4% to close at Rs3254 while the company announced inline with expected Q2 results. Infosys, HCL Tech, Wipro, TCS, LTI, and LTTS declined 1-3% on account of profit booking. IEX gained 1% to close at Rs765 while it has touched an intraday high of Rs834. The company reported better than expected Q2 results and announced a bonus of 2 shares for 1 share held.

Technical Outlook:

The Nifty index opened positive but failed to hold above 18300 zones and cascaded down to 18034 levels. Weakness swept across the floor except for Banking stocks and it closed with losses of around 60 points. It formed a Bearish candle on a daily scale and is forming lower lows from the last four sessions. It formed a Bearish candle on a weekly frame but has been forming higher lows from the last twelve weeks in a row. Now it has to cross and hold above 18150 levels, to witness an up move towards 18300 and 18450 zones while on the downside support exists at 18000 and 17947 marks.

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