Sensex ends flat after opening at record high, Nifty closes above 11,000; RIL, Infosys top gainers
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Market breadth turns negative
Market breadth, indicating the overall health of the market, turned sharply negative. On the BSE, 1,828 stocks declined, 810 stocks rallied, while 130 stocks remained unchanged.
Broader markets
The broader market underperformed with the BSE Midcap losing 0.7 per cent, while the BSE Smallcap shed over 1 per cent.
Abhijeet Dey, Senior Fund Manager-Equities, BNP Paribas Mutual Fund
It was a volatile day on the bourses as stocks oscillated between the positive and negative zones through the day, reacting to conflicting cues in terms of positive global stocks and lacklustre macro-economic data. After an indecisive day, benchmark indices finally closed the day near the flat line. On the macro front, data revealed that India's factory output growth slowed to a seven-month low in May while retail inflation quickened to a five-month high in June. India's industrial production (base year 2011-12=100) grew at 3.2% in May 2018 over May 2017, while showing moderation in growth from a revised 4.8% increase in the previous month. Additionally, the all-India general CPI inflation increased 5% in June 2018 (new base 2012=100), compared with 4.87% in May 2018. Interestingly, sectoral performance on the National Stock Exchange (NSE) was skewed to the negative. Barring the IT index, which closed almost flat, all other sectoral indices on NSE closed the day in the red.
Sectoral trend: All but Nifty IT index ends in red
Source: NSE
Market update
Focus shifts to Infosys' June quarter earnings that will be released later in the day. Infosys share price ended over 1 per cent higher at Rs 1,309 on the BSE ahead of Q1 results.
Sensex retreats after hitting record high
The Sensex ended 6.78 points down at 36,541.63; while the broader Nifty shed 4.30 points to end at 11,018.90.
Reliance Industries adds yet another feather in its cap; see how
Mukesh Ambani-owned Reliance Industries is adding one record after another to its credit. Just yesterday, the energy-to-telecom behemoth became a $100 billion dollar company, and today it crossed the Rs 7 lakh crore market capitalisation for the first time ever. Needless to say, RIL share price is trading at record high levels. Reliance Industries stock rallied as much as 2.31 per cent to Rs 1107.25, its lifetime high mark. The RIL scrip has added over 12 per cent in just a week and 19 per cent on a year-to-date basis. The stock is up a whopping 44 per cent in last one year. By comparison, Sensex gained just 14 per cent.
Sensex Heatmap
Source: BSE
Market Breadth
Market breadth, indicating the overall health of the market, turned neutral. On the BSE, 649 stocks declined, 668 stocks rallied, while 43 stocks remained unchanged.
Broader markets underperform
The broader market underperformed with the BSE Midcap remaining little changed, while the BSE Smallcap shed 0.1 per cent.
Markets at Open
At 9:30 am, the Sensex was trading at 36,676, up 128.41 points, while the broader Nifty50 was ruling at 11,052, up 29.55 points.
11,000 and 27,000 are going to be a deciding level at Nifty and BankNifty respectively. Small trade range on Nifty stands at 10,975-11,075 and the bigger range lies between 10950-11150.
Small trade range on BankNifty lies between 26,925-27,150 and the bigger range stands between 26,775-27,250. 10,950-10,975 and 26,775-26,925 are going to be the strong support zone on Nifty and BankNifty.
Fortis Healthcare, HCL Tech among top five stocks hogging limelight today
Cyient: Cyient Limited, a city-based IT firm today said its profit after tax for the quarter ended June 30 was down by six per cent to Rs 82.5 crore against Rs 87.8 crore during the same quarter in FY 18. According to a press release and an investor presentation by the company, revenues from operations was up by 19 per cent to Rs 1080 crore during the quarter under discussion. It was Rs 907 crore in the first quarter of FY 18.
FAST MONEY: Here are key intraday trading ideas
1) HCL Tech (Buy)
Target: Rs 1035
Stoploss: Rs 1000
- HCL Tech approved buyback
- Buyback will be for 3.6 crore shares at Rs 1,100 per share
- HCL Tech will spend Rs 4000 crore on buyback
Asian markets extend recovery on Wall Street gains
Asian shares were higher on Friday following gains on Wall Street overnight, as concerns over an escalating U.S. trade war with China took a breather. MSCI`s broadest index of Asia-Pacific shares outside Japan <.MIAPJ0000PUS> was up 0.2 percent, building on a 0.6 percent rise on Thursday, after U.S. stocks ended the day higher.
Australian shares also gained 0.2 percent, while Japan`s Nikkei stock index was 1.2 percent higher. Shares in Asia had recovered on Thursday after dropping on an announcement from Washington that the U.S. planned to institute 10 percent tariffs on an additional $200 billion in Chinese imports.