What Happened With Market Today

Indian equity markets opened on a tepid note and witnessed profit booking in the absence of any positive triggers. Global cues too were muted leading to selling pressure in the first half. However, buying emerged at lower levels, helping the benchmark indices to recover the day’s losses and close almost flat in marginal red. Both Sensex and Nifty closed with marginal loss of 20 points and 6 points respectively at 58786/17511. Broader market outperformed for the second day with both midcap and small cap indices gaining 0.8% each. Among sectors, realty, PSU Bank and media rose more than 2% each, while metal, oil & gas, auto and private bank ended with positive bias. Financial services, IT, FMCG and Pharma ended in red. India Vix was down 3.3% at 16.1 levels. PSU banking index was the lead gainer after news that government may consider the crucial banking amendment Bill.

Among stocks, Asian Paints, Grasim, SBIN, SBI Life and BPCL were top gainers. DivisLabs, Titan, HDFC, KotakBank and Tata Consumer were top loser. Meanwhile, Star Health debuted the bourses at 6% discount while Metro Brands IPO opened for subscription.

Global markets eased off ahead of US inflation data and disappointing GDP numbers from UK. As expected markets are now in a consolidative mode and awaiting fresh triggers for next leg of upmove.

Technical Outlook:

Nifty future closed negative with losses of 0.09% at 17546 levels. On stocks front, Bullish setup was seen in IEX, Siemens, DLF, IDFC First Bank, PNB, Can Bank, DIXON, Asian Paint, Granules, Pidilitind, Bata India, Grasim, SBIN and TCS while weakness in Naukri, Titan, Divislab and Kotak Bank.

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