Mid-Day Market Watch on April 29, 2016 & Five Market Buzzers
Bhagyashree Vivarekar / 29 Apr 2016
Markets strived to pull through the April expiry losses in the morning session itself. However, the rebound was short lived and the weak results from private sector banking major ICICI Bank dragged the markets down to trade again in red.
Markets strived to pull through the April expiry losses in the morning session itself. However, the rebound was short lived and the weak results from private sector banking major ICICI Bank dragged the markets down to trade again in red. Nifty hit 7890 on the upside and tumbled to trade flat at 7844 levels. Sensex too surged up to 25755 levels but retreated to trade flat at 25600 mark.
Market breadth remains neutral till 1300 hours with more or less equal advances and declines. There are 1062 advances and 1093 declines and 173 unchanged on BSE. Broader markets specifically midcap segment underperformed till now.
On the sectoral front, media sector surges the most with 1.2 per cent gains. Pharma sector follows the optimism with 0.67 per cent gains. On the contrary IT, auto, PSU Banks and infra sectors tumble more than 0.6 per cent each.
Top Nifty Gainers:
Pharma major Lupin grabs the top position in Nifty 50 stocks with 1.9 per cent gains. ZEEL, Axis Bank, Coal India and Kotak Bank are the next best performers trading higher by 1 per cent.
Top Nifty Losers:
IDEA tumbles 5.6 per cent and becomes the top loser for the day. HCL Technologies hits the top losers’ list yet again and tumbles 5 per cent. Hindalco, Bharti Airtel and M&M follow. Bharti Airtel continues profit booking initiated in the previous session.
Asian markets remained mostly lower on Friday as investors resisted FED and BOJ decisions to stand pat on their monetary policies. The US markets were pushed higher after FED’s decision to keep the rates unchanged.
We had talked of 7825 as the major support for the Nifty. Accordingly Nifty hit 7821 and saw a slight bounce back from there. Currently Nifty struggles around 7850 levels and hence we hold 7870-7890 as our major resistance levels. On the downside, 7780 will act as a support if Nifty breaks 7825 on closing basis.
THE FIVE BUZZERS
Hours since the markets opened today, after a careful observation of stocks' movements and analysis, we find these below mentioned stocks worth watching during rest half of the day.
A)ICICI Bank: ICICI Bank disappoints the street with poor Q4 numbers. Bank’s consolidated net profit falls nearly 82 per cent due to an exceptional provision of Rs 3600 crore. The stock will be in focus for rest of the trading session.
B) IDEA Cellular: Stock tanked 6 per cent after it posted a fall in net profit during Jan-Mar quarter. The stock will be in focus for rest of the trading session.
C) Glenmark Pharma: The stock will be in limelight for the day.
D) Lupin: Lupin along with its US subsidiary has announced re-lauching of itsb Methergine oral tabletsfor prevention and managemtn of postpartum haemorrhage. The stock opened on a positive note and is the top performer in Pharma.
E) IDFC/Indigo: IDFC and Indigo have quarterly earnings result on Friday. These are the major stocks to be watched out for.
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