Mid-Day market watch on April 27, 2016

After an energetic spurt of more than 1 per cent in the previous session, Indian markets witnessed range bound volatility with no momentum with just one day left for April F&O expiry. Not so good results by Axis Bank and Yes Bank are refraining markets from gaining any further momentum.

Both Nifty and Sensex opened on a negative note and are trading flatly. Nifty hit its January 2016 high at 7984 levels,  and tumbled to trade at 7973 levels with 0.13 per cent gains. Sensex is hovering around 26000 levels with gains of 0.18 per cent.

Market breadth is just positive with 1260 advances; and 1008 declines. 155 BSE stocks remain unchanged. The Nifty Midcap segment has outperformed the benchmark indices and has surged by 0.47 per cent.

All major sectors also are exhibiting lethargic moves. FMCG sector has surged the most with 0.54 per cent gains. Auto, IT, Metal and Realty sectors remain marginally positive. On the negative front PSU Banks have tumbled the most with 0.47 per cent losses amid a small profit booking phenomenon. Pharma and Financial services sectors follow with 0.3 per cent losses.

Top Nifty Gainers:

Telecom major Bharti Airtel maintains an upbeat and has gained 5.3 per cent. ONGC, Infratel and Adani Ports follow with 3 per cent plus gains each. IDEA is the fifth Nifty50 topper with 2.3 per cent gains.

Top Nifty Losers:

Banks lead the fall wherein ICICI Bank and Axis Bank have fallen the most with more than 2 per cent losses. HCL Technologies, Tata Power and Ultratech Cements follow the top losers' list.

Asian markets traded with a mixed bag, where investors remained cautious ahead of the FED policy meet scheduled later  today. FED is likely to remain dovish but investors are eyeing cues for the next meet. U.S. markets remained more or less flat after major Technology stock Apple posted weak earnings.

Buzzer: Bharti Airtel surges 5 per cent and more amid a board meeting to consider Q4 results and Buyback plans.

Nifty has hit the 7980 mark but could not sustain the high. Nifty is hovering around 7975 levels and for any further upside we hold 8040 followed by 8070 as major resistances for now. On the downside, we hold 7955 followed by 7900 as the supports for now.