Choppy Indices Close On A Flat Note, All Eyes On Cabinet Berths
Suparna / 26 May 2014
Indian markets witnessed one of the most volatile day of recent months as indices which had a very strong opening, swiftly moved into the red zone on account of profit booking. Markets ended the first day of the week on a flat note as Nifty closed down by 8 points at 7359 and Sensex higher by 23 points at 24716. The mystery as to who gets which berth in Narendra Modi’s Cabinet of Ministers will be over tonight after the swearing in ceremony in New Delhi.
The Indian markets witnessed a massive opening session today, but also observed nosedive trade after bulk amount of selling from domestic funds. Most of the selling was seen in Banking, Realty, Mid-Caps and Small-Caps sector. The Nifty closed lower by 8 points at 7359 and Sensex was up by 23 points at 24716.
The advance-decline ratio on NSE was negative, as the day ended with 1617 shares in green and 1920 shares in the red zone.
Top Nifty Gainers: M&M gained 6.03% in today’s trade, followed by Sesa Sterlite, HCL Tech, Wipro and Tata motors.
Top Nifty Losers: DLF closed the day lower by 5.92%, followed by BHEL, IDFC, Bank Baroda and Tata Power.
Most of the sectoral indices closed on a positive note. Bankex stocks got hammered in today’s trading session and went down by 130 points. It was followed by Consumer Durables, Oil & Gas, Mid-Caps and Small-Caps which were also caught in profit booking move around 150 points each. Auto and IT closed in positive territory up around 210 and 123 points respectively.
All the major Asian markets also had a good run on the bourses today and ended the day in the green territory. The Nikkei market closed up by 140 points, while Hang Seng witnessed flattish move by -2 points. While KOSPI and Taiwan closed on the positive note.
Buzzer: DLF was down by more than 5% on the bourses today and closed below the technical level of Rs 200. If the stock opens below this level, it may touch the Rs 185/170 mark in the next few sessions.
Nifty future made new 52 week high above 7500 level. This level will act as a major hurdle for further trading session.
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