Mid Market May 18
Bhagyashree Vivarekar / 18 May 2016
Indian stock markets opened with a gap-down, tracking the weak global cues, specifically from the Asian markets. Nifty and SENSEX opened 44 and 102 points down respectively. At the moment markets remain range bound.
Indian stock markets opened with a gap-down, tracking the weak global cues, specifically from the Asian markets. Nifty and SENSEX opened 44 and 102 points down respectively. At the moment markets remain range bound.
Investors in the Asian markets remained cautious ahead of concerns that the U.S. may hike the interest rates in its policy meeting. FOMC is likely to release its April meeting minutes today.
Market breadth remained negative with 1038 advances; and 1245 declines. Midcap segment remains flat.
On the domestic front Auto frontliners have dragged the Nifty down from its previous closing price. Auto sector tumbled the most with 1.5 per cent losses, led by Motherson Sumi that declined 3.5 per cent followed by Bosch and Hero MotoCorp. On the contrary , PSU Bank surged 1 per cent. Energy and Infra sectors have remained flat.
Top Nifty Gainers: ONGC and State Bank of India are the top gainers with more than a per cent gain. HCL Technologies, L&T and Lupin follow in the gainers' list.
Top Nifty Losers: Auto majors viz; Bosch, Hero MotoCorp, Maruti, TATAMTDVR and Bajaj Auto are the top losers for the Nifty.
Nifty is trading in consolidation since last week. Nifty would recover only if it breaks out of 7850 levels. Further 7920 followed by 7940 levels will act as the resistances. On the downside, if Nifty breaks below 7810 it can touch 7770 followed by 7680.
Stocks to watch:
State Bank of India: SBI will remain in the limelight after the news of a possible merger of six banks with itself. SBI may see a negative impact with likely increase in operating costs.
Coal India: The Competition Appellate Tribunal has imposed Rs 1,773 crore fine on Coal India for unfair business ways.
Punjab National Bank: PNB has posted a net loss of Rs 5367 crore, reporting a biggest quarterly loss that any bank has ever made. The stock traded marginally up.
LT Foods: Hindustan Unilever got Competition Commission of India's nod to sell its rice export business to Delhi-based LT Foods. The deal has allowed transfer of the brands and inventory to LT Foods.
JSW Steel and Torrent Power: These are few of the companies, whose results are to be watched out for on Wednesday.
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