Indices Witness Swing Trade, Bankex & Metals Rally
Suparna / 26 Sep 2014
The Indian markets witnessed massive volatility in today’s session. Indices recovered from the lower ends after the S&P has updated India’s credit outlook from negative to stable. The stocks like Bankex, Metals, Auto and Capital Goods surprisingly recovered from support levels. As a result, the Nifty closed up by 57 points at 7968 and Sensex was up by 157 points at 26626 in the closing bell.
The Indian markets witnessed massive volatility in today’s session. Indices recovered from the lower ends after the S&P has updated India’s credit outlook from negative to stable. The stocks like Bankex, Metals, Auto and Capital Goods surprisingly recovered from support levels. As a result, the Nifty closed up by 57 points at 7968 and Sensex was up by 157 points at 26626 in the closing bell.
The advance-decline ratio on NSE was on the positive side, as the day ended with 1874 shares in green and 1772 shares in the red zone.
Top Nifty Gainers: Hindalco gained 5.43% in today’s trade, followed by Jindal Steel, DLF, NMDC and Sun Pharma.
Top Nifty Losers: Dr Reddy’s Labs closed the day lower by 2.66%, followed by GAIL, HDFC, ITC and Hero Motocorp.
Most of the sectoral indices recovered in today’s trading session. Bankex was the real outperformer in today’s trade, up by 334 points, followed by Metals and Capital Goods which were up around 283 points and 221 points respectively. Auto, Health Care and Oil & Gas also closed on the positive note, up around 150 points each. Mid-caps and small-caps also closed in the positive territory. However IT and FMCG closed in red mark, down by 56 points and 39 points respectively.
Most of the Asian markets had a negative session on the bourses today and ended the day in the downward territory. The Hang Seng market saw down move by 89 points, while Taiwan and KOSPI also closed on a negative note. The Nikkei market closed down by 144 points.
Buzzer: Jindal Steel was up by more than 5% on the bourses today and closed up at the technical level around Rs 180. If the stock opens above this level, it may touch Rs 195/210 mark in the next few sessions.
The Nifty Future has given a bullish crossover in intraday charts as it closed above 8000 mark. Going ahead 8055/8080 will be a major hurdle.
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