Sensex turns flat, Nifty slips below 10,750; Bajaj Auto surges 4%
Vinod Nair, Head of Research, Geojit Financial Services
Market witnessed strong bounce back led by positive global cues and fall in oil prices from 80$/bbl to 76$/bbl which has mildly improved sentiment. Additionally investors are expecting a strong Q4 GDP growth which is adding some positive vibes. Banks led from the front while midcaps underperformed due to concern on valuation.
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The Sensex amd Nifty pared its early gains to trade flat in late morning deals today amid small bouts of buying in auto, capital goods, metal, telecom and industrials sectors amid lower Asian cues. At 12:45 pm, the Sensex was trading at 35,297, down 25.08 points, while the broader Nifty50 was ruling at 10,714, down 21.90 points.
ICICI Bank share price surged 5 per cent to Rs 299.80 on the BSE, and was the top gainer on Sensex and Nifty. The stock contributed most to Nifty Bank as well. The fall came after the private lender has asked its own chief to go on indefinite leave.
Target: Rs 1240
Stoploss: Rs 1212
- Stock got included in MSCI index
- Crude oil slipped 2% in global markets
- BlackRock Funds International Opportunities Portfolio bought 43.87 lakh shares at Rs 1219.75
Asian equities sagged on Friday as worries about U.S. trade policy hit global financial markets, which were already shaken this week by political turmoil in Italy. Wall Street shares posted deep losses overnight after the United States said it would impose tariffs on aluminum and steel imports from Canada, Mexico and the European Union.
Fears of a global trade conflict, which had partially receded over the past few weeks, were rekindled as Washington’s allies took steps to retaliate against the U.S. measures.
MSCI’s broadest index of Asia-Pacific shares outside Japan dipped 0.08 percent.
Wall Street Overnight
US stocks fell on Thursday after the United States moved to impose tariffs on metal imports from Canada, Mexico and the European Union, prompting retaliatory measures from some of its trading partners. The Dow Jones Industrial Average fell 251.94 points, or 1.02 per cent, to 24,415.84, the S&P 500 lost 18.74 points, or 0.69 per cent, to 2,705.27 and the Nasdaq Composite dropped 20.34 points, or 0.27 per cent, to 7,442.12.
The Sensex and Nifty rebounded on Thursday to end at a two-week high on the back of buying in banking, energy and IT stocks amid a firming trend overseas. Covering-up of pending short positions on expiry of the May derivatives contracts and optimistic buying by participants ahead of GDP data added to the momentum.
The Sensex ended at 35,322, up 416.27 points, while the Nifty settled at 10,736 points, up 121.80 points. In the broader market, the BSE Midcap and the BSE Smallcap indices didn't participate in the rally, slipping up to 0.5 per cent.