Stock specific moves hit the market sentiments

It was yet another day when Indian equity markets closed with huge losses. The week ended on a negative note putting a very little impact on the weekly performance. Markets marked a third consecutive week of consolidation. Nifty closed down by 34 points at 7750 mark. SENSEX dipped 98 points at 25300.

The advance-decline ratio ended on the negative side. On the BSE, 878 shares closed in green; while 1688 shares ended the day in the red. Mid-cap sector closed in red with nearly half per cent loss. BSE Small-cap underperformed the markets and tumbled 0.9 per cent.

Today it was Pharma sector, specifically Lupin that dragged down the entire sector to close 1.5 per cent down. Realty followed with 1.3 per cent losses. On the contrary FMCG sector surged during the closing session after its frontliner ITC posted stable Q4 results. Media remained flat.

Top 5 Nifty Gainers: ITC grabbed the top position in the eleventh hour and surged 4 per cent. Adani Ports was the top gainer throughout the day and closed 3.7 per cent up. Tata Power, IDEA and ONGC followed the move with more than1 per cent gains.

Top 5 Nifty Losers: Lupin saw a sharp dip with 9 per cent losses. Ambuja Cements, ICICI Bank and BPCL fell nearly 2.5 per cent each. Ultratech Cements followed with 1.8 per cent losses.

The Asian markets remained positive, offsetting the concerns over possible rate hike by FED in the June policy review. European markets too remained positive.

Buzzer: ITC saw a last moment upswing after it posted stable Q4 results and announced bonus issue in the ratio 1:2 and also recommended dividend of Rs 8.5 per ordinary share of Re 1 each. The stock recovered from previous day’s losses and closed at 338 with 4 per cent gains.

The Nifty has closed at 7750 levels. We hold our next support at 7700-7675 if Nifty fails to sustain 7750 mark. On the upside, in case of recovery we hold 7775 to 7810 as the immediate resistances. The next upside target will be at 7850.