Nifty Range Bound, Jindal Steel Ends Down By 6.3%
Suparna / 02 May 2014
For the fifth straight session the Indian markets closed the day in the losing terrain. Nifty index closed flat, down by 1 point to trade at 6694 and the Sensex ended the week with a negative bias of 13 points at 22403. Metals and Capital Goods segment witnessed a heavy sell off, losing more than 140 and 215 points respectively. Asian markets had a mixed trading day.
The Indian markets witnessed a range bound trade though out the day. Most of the profit booking was seen in capital goods and metals segment. However some support came from Health Care followed by mid-caps and small-caps. As a result the Nifty closed on nominally negative side by 1 point at 6694 and Sensex was 13 points lower at 22403.
The advance-decline ratio on NSE was same on both the sides, as the day ended with 1754 shares in green and 1712 shares in the red zone.
Top Nifty Gainers: Tata Power gained 2.62% in today’s trade, followed by Ambuja Cement, Lupin, BPCL and HCL Tech.
Top Nifty Losers: Jindal Steel closed the day lower by 6.37%, followed by Tata Steel, Sesa Sterlite, L&T and Maruti Suzuki.
Most of the sectoral indices closed on a negative note. Capital Goods and Metals witnessed nosedive moves by 215 and 140 points respectively. It was followed by Auto and Bankex indices which also witnessed downward moves by 68 points and 16 points respectively. However some support came’s from Health Care segment which is closed in the positive territory by 100 points. Mid-Caps and Small-Caps also closed on the positive note up by 40 points each.
All the major Asian markets closed the day on a mixed note. Hang Seng closed up by 126 points. Nikkei market closed on a negative note down by 27 points.
Buzzer: Jindal Steel was down by more than 6% on the bourses today and closed below the technical level of Rs 240. If the stock opens below this level, it may touch the Rs 225/210 mark in the next few sessions.
Nifty future has a major support level of 6700/6680. If it sustains below this level may see nosedive trade for further trading session.
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