Indices Directionless, Bankex Recover

The Indian markets witnessed trade in a narrow range from opening session. Banking stocks like Yes Bank, Bank of Baroda, Axis Bank and Canara Bank showed good recovery from the lower end. On the other hand Metals and Oil & Gas index closed down by more than 100 points each. Nifty was dicey till closing buzz, and ended nominally up by 8 points at 8254 and Sensex closed up by 25 points at 27421 mark.

The advance-decline ratio on NSE was on the mixed side as the day ended with 1420 shares in green and 1425 shares in the red zone.

Top Nifty Gainers: BHEL gained 1.55% in today’s trade, followed by NTPC, NMDC, Bank of Baroda and Dr Reddys Labs. 

Top Nifty Losers: Hero Motocorp closed the day lower by 2.21%, followed by Tata Steel, Reliance, Cairn India and Jindal Steel.

Most of the sectoral indices closed on a positive note. Capital Goods stocks witnessed handsome recovery in today’s session, up by 178 points. Bankex and Consumer Durables also closed in positive territory up by 160 points and 114 points respectively. Health Care, IT, Mid-Caps and Small-Caps also closed in the positive territory around 50 points each. Metals and Oil & Gas index were down in today’s trade more than 100 points.  

All the major Asian markets closed the day on a negative note. The Nikkei and Hang Seng index witnessed negative closing down more than by 250 points each. Taiwan Index and KOSPI closed in the red territory, down by 17 points and 12 points respectively.     

Buzzer: BHEL was up by more than 1.5% on the bourses today and closed near the technical level of Rs 255. If the stock opens above this level, it may touch the Rs 267/280 mark in the next few sessions.

Nifty Future is hovering around 8300 level. Going ahead 8250 will be the vital support level. However 8370 level will be the major hurdles.