Mid-Day market watch on April 22, 2016

With the lack of positive triggers in the market, Indian benchmark indices opened on a flat note where Nifty opened below 7900 mark at 7891.80 levels; while Sensex opened slightly higher at 25892.49 from the previous close.

Market breadth remained positive with 1221 advances and 945 declines where the broader indices viz; Midcap and Smallcap indices outperformed the benchmarks.

On the sectoral front, PSU Banks shone again for the second consecutive session and surged by 2.5 per cent. Auto sector follows with 1 per cent gain. All other sectors remain more or less positive except for Financial Services and FMCG that remain marginally down with 0.3 per cent loss each.

Top Nifty Gainers:

Banks still lead with Bank of Baroda and SBIN gaining 2.6 and 2.3 per cent respectively. Maruti Suzuki, Tech Mahindra and Auro Pharma are the other top gainers in the Nifty50 list.

Top Nifty Losers:

HDFC is the top loser making 1.7 per cent losses. Asian Paints, Hindustan Unilever, Sun Pharma and BHEL follow with nearly 1 per cent loss each.

Asian markets retreated after consecutive upbeats attributed to correction in U.S. markets after hitting its 52 week high. Oil prices slipped with a bounce back in U.S. Dollars after positive Employment data from U.S. came in and also awaiting for ECB policy announcement had its impact. ECB is likely to keep the interest rates stable after a lot of monetary easing done in previous policies.

Buzzer:

We have Major stock results to watch out for that may direct the markets. We have Reliance, HDFC Bank and Cairn India to look out for.

Nifty is hovering around 7900 mark. We hold 7925 followed by 7975 levels as strong resistances. On the downside, we maintain 7880-7785 as our major support levels in the coming sessions.