Markets consolidate to end the day on a positive note

Indian capital markets opened on a negative note but remained in the consolidation phase throughout the session on Monday. The major laggard was IT index. Overall, the market market traded on a positive bias. Nifty was able to sustain physiological levels of 8400. BSE Sensex and Nifty indices closed marginally higher by about 0.18 per cent and 0.15 per cent.

At the closing bell, Nifty ended 12 points on the upside at 8412 and the BSE Sensex increased 50 points to close at 27288. On the NSE, 32 shares closed in the green, while 18 shares ended the day in the red.

IT, Oil & Gas, Healthcare and FMCG declined by 101 points, 47 points, 12 points and 6 points, respectively, while Consumer Durables, Metals and Auto increased more than 100 points each. Bankex rose more than 200 points. Mid-cap index was up 33 points and Small-cap by more than 72 points. Going forward, Reliance Industries Q3FY17 results will be keenly watched, which will be declared on Monday after market hours.

The Asian markets closed on a negative bias. Shanghai declined 0.3 per cent, while Hang Seng lost 0.96 per cent. Nikkei, Kospi and Taiwan decreased 1 per cent, 0.61 per cent and 0.92 per cent, respectively.

European markets showed a weak trend.

Derivative Analysis

Nifty future closed on a positive note and closed at the 8435 mark. Going ahead, 8466/8400 will be the immediate support levels.