Range Bound Indices Ready to Flare-Up
Suparna / 15 May 2014
As the D-day of the election result arrives tomorrow, markets would be looking to flare up on the backdrop of a Modi led NDA government coming to power. Today after witnessing profit booking for most of the day, the indices were quick to bounce back in the positive zone. At the closing bell Nifty stood at 7123, up by 14 points and Sensex closed up by 90 points at 23905.
The Indian markets witnessed some range bound trade ahead of the big trigger of poll result. Today huge volumes were seen in option contracts as trader preferred to hedge their position. The Nifty closed on a flattish note with nominally upward bias by 14 points at 7123 and Sensex was 90 points up at 23905.
The advance-decline ratio on NSE was on the negative side as the day ended with 1418 shares in green and 2071 shares in the red zone.
Top Nifty Gainers: Tata Power gained 3.3% in today’s trade, followed by NTPC, ONGC, PNB and GAIL.
Top Nifty Losers: Asian Paints closed the day lower by 5.0%, followed by Bajaj Auto, Bank Of Baroda, NMDC and United Spirits.
Most of the sectoral indices closed on a mixed note. Consumer Durables and Oil & Gas witnessed superb up move by 113 points and 101 points respectively. Bankex and FMCG witnessed some positive trade. However, Mid-Caps and Small-Caps, Auto and Capital Goods were closed in the negative territory.
All the major Asian markets closed the day on a mixed note. Hang Seng closed up by 148 points, whereas Nikkei index closed down by 107 points. Shanghai Composite and Kospi also closed in the positive territory.
Buzzer: Tata Power was up by more than 3.3% on the bourses today and closed near the technical level of Rs 85. If the stock opens above this level, it may touch the Rs 92/100 mark in the next few sessions.
Nifty Future may see big choppy action on tomorrow’s trading session. The level of 7000/6950 will be the vital support, alternatively 7250 will be a major hurdle.
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