Markets Consolidate; Reliance Industries Surges 2%

The Indian markets witnessed consolidation today after surging more than 2% in yesterday’s trading session. Nifty was trading in a narrow range of 20-30 points in the last hour of trade. At the end of the day, Nifty closed at 6169, up by 23 points and Sensex closed at 20,247, up by 34 points.

The advance-decline ratio ended on a negative note. On the NSE, 628 shares are trading in green and 661 shares are trading in red. 

Top 5 NSE Gainers: Jaiprakash Associates is the top gainer on the NSE to close up by 5.61%, followed by IDFC, Lupin, Cipla and Reliance Industries.

Top 5 NSE Losers: NMDC closed down by 2.96% and is among the top losers on the NSE, followed by Tata Motors, ITC, Jindal Steel and Power and Tata Consultancy Services. 

Among the sectoral indices, most sectors closed in green. The top gainers among the sectoral indices were Realty, Oil& Gas, Healthcare and Bankex with gains of over 1%. The top losers were FMCG and Consumer Durables. 

The European markets are trading mixed. FTSE 100 is trading flat with a positive bias, up by 0.03%. On the other hand, CAC 40 and DAX are trading in red, down by 0.20%-0.35%. 

The Asian markets are trading mixed. China’s Shanghai Composite is the top gainer among the Asian markets, trading higher by 1.18%, followed by KOSPI and Hang Seng. Japan’s Nikkei 225 is trading lower by 0.38%. 

Buzzers: Reliance Capital traded on its early morning gains after the company reported a consolidated net profit of Rs 265 crore in the fourth quarter. The company reported a tax reversal of Rs 85 crore versus tax paid of Rs 85 crore a year ago. The stock closed at Rs 373.95.

Lupin scaled to a record high. The stock opened around Rs 780 on the NSE and registered a low of Rs 764.6. In the last hour of trade, the stock surged to a fresh high of Rs 811.

The Nifty saw a healthy consolidation today. We expect the market to be in the range of 6080-6200 in the coming trading sessions.