Nifty Trades In Narrow Range, ITC Surges

The Indian market is in a consolidation phase. The indices witnessed stock-specific action in today’s trade. The stocks like ITC and Bank Of Baroda broke their major hurdles. On the other hand ONGC, Jindal Steel, Hindalco and L&T closed in the negative territory. The Nifty closed nominally positive and was up by 7 points at 8344 and Sensex was up by 6 points at 27874 in the closing bell.

The advance-decline ratio on NSE was on the mixed side, as the day ended with 1837 shares in green and 1842 shares in the red zone.

Top Nifty Gainers: ITC gained 4.51% in today’s trade, followed by Bank Of Baroda, Power Grid Corp and Sun Pharma.

Top Nifty Losers: ONGC closed the day lower by 3.77%, followed by Jindal Steel, Hindalco, L&T and Tata Motors.

Most of the sectoral indices were negative in today’s session. Capital Goods and Oil & Gas were hammered in today’s trade, down by 161 points and 142 points respectively. Bankex and Auto stocks showed nominal down move. However FMCG and Consumer Durables closed in the positive territory, up by 211 points and 97 points respectively. Mid-caps and small-caps also closed in the positive territory.

Most of the Asian markets also had a positive session on the bourses today. The Hang Seng market saw up move by 137 points, while Taiwan and KOSPI also closed on a positive note. The Nikkei Index also closed in the negative territory, down by 99 points.       

Buzzer: ITC was up by more than 4.5% on the bourses today and closed up at the technical level around Rs 370. If the stock opens above this level, it may touch Rs 385/399 mark in the next few sessions.

Nifty future continued with the consolidation phase and is hovering around 8360-8390 levels. Going ahead, 8330 level will be the major support. On the other hand 8420 will be the major hurdle.