Markets lull; stock specific moves were energetic
DSIJ Intelligence / 21 Apr 2016
The Indian markets witnessed a gradual downturn after a gap-up opening and finally closed more or less on a flat note. Nifty hit just above its 2016 high at 7973 before an intraday retreat. Finally Nifty closed at 7912.05 i.e. 2 points down; while Sensex closed on a flat to positive note at 25880 i.e. up 36 points from previous close.
The Indian markets witnessed a gradual downturn after a gap-up opening and finally closed more or less on a flat note. Nifty hit just above its 2016 high at 7973 before an intraday retreat. Finally Nifty closed at 7912.05 i.e. 2 points down; while Sensex closed on a flat to positive note at 25880 i.e. up 36 points from previous close.
The market breadth remained negative till closing hour, with 1081 advances; and 1493 declines on the BSE.
Top 5 Nifty Gainers: Banks led the move where ICICI Bank and SBIN were the top gainers that closed higher by 5.4 and 3.3 per cent,respectively. Among the other gainers were Coal India, Bank of Baroda and BPCL.
Top 5 Nifty Losers: Wipro gave up its 5 day winning streak post Q4FY16. Wipro fell 7.3 per cent. Among other losers were Infratel, Ultratech Cements and BHEL that fell more than 3 per cent each.
PSU Bank sector remained a show stealer and gained a total of 86 points. Bank Nifty and Financial Service sectors gained more than 1 per cent each. Pharma remained marginally positive with 0.47 per cent upside. On the contrary, IT and Realty sector tumbled the most, losing 1.7 per cent each. FMCG recovered but still closed in red with 0.87 per cent loss. Media and Auto were flat to negative.
U.S. markets closed slightly higher after continued second day rise in oil prices.Asian markets were a mixed bag where Hang Seng and Nikkei 225 rose 1.8 and 2.7 per cent, respectively. Nikkei rose amid Yen depreciation. However, China’s Shanghai Composite declined 0.66 per cent. On the European front, FTSE 100 tumbled amid oil surge and ahead of ECB rate decision meeting. DAX too traded cautiously.
Buzzers: IndusInd Bank met street estimates where its Q4FY16 net profit jumped 25% owing to strong interest income. IndusInd Bank closed lower by 1.27 per cent at 971.35.
It was the second flat closure for the Nifty. Now onwards Nifty would face 8000 as its next resistance level, if it closes above 7975 level. In case of a retreat,Nifty may see a support at 7870 followed by 7785 levels.
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