Sensex pares all gains to end in red; Axis Bank top loser; ITC surges 3%
Sensex pares all gains to end in red; Axis Bank top loser; ITC surges 3%
Sensex today: The benchmark indices pared all intraday gains to slip in red in late afternoon deals as pressure on the banking stocks pulled Sensex and Nifty lower. The indices snapped their nine-day gaining spree. The Sensex ended at 34,331, down 63.38 points, while the broader Nifty50 closed at 10,537, down 11.10 points. In the broader market, the BSE Midcap remained little changed, while BSE Smallcap shed 0.3 per cent. Market breadth, indicating the overall health of the market, turned negative. On the BSE, 1,512 stocks declined, 1,141 stocks gained, while 156 stocks remained unchanged.
Nifty PSU Bank (down 1 per cent) was the leading sectoral loser, followed by Nifty Bank (down 0.9 per cent).
Overseas, global stocks climbed to their highest in nearly four weeks on Wednesday as strong US first-quarter earnings helped revive risk appetite, driving up equities and hauling the dollar out of its slump.
European stocks rose in early trading, pushing MSCI’s index of world stocks up 0.2 percent to its highest since March 22. The top index of euro zone stocks rose 0.4 percent to its highest since Feb. 5, when a spike in volatility amplified a sell-off in global equity markets.
A gauge of volatility on the EuroSTOXX 50 fell to its lowest since Jan. 26, reflecting investors’ renewed confidence in the resilience of equity markets. The S&P 500 volatility gauge hovered around a six-week low.
S&P 500 futures climbed 0.3 per cent as investors awaited the next batch of US results, with all eyes on Morgan Stanley after Goldman Sachs reported a surge in profits on strong trading gains.
The Sensex and Nifty extended gains for the ninth straight session on Tuesday as sentiment turned positive thanks to normal monsoon forecast and positive trend in Europe. The Sensex settled at 34,395, up 89.63 points, while the broader Nifty50 ended at 10,548, up 20.35 per cent.
In terms of investments, provisional data with the exchanges showed that foreign institutional investors sold scrips worth Rs 951.39 crore, while the domestic institutional investors bought stocks worth Rs 723.81 crore.
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Mustafa Nadeem, CEO, Epic Research
Nifty ended down as profit-booking triggered on the back of resistance at 50% retracement as it failed to breach higher resistances. Despite positive global cues, the market wasn't able to post a consecutive gain and ended down.
The multiple factors included some profit booking from institutional players in the domestic market while higher crude oil prices triggered some negative sentiment as it may push the critical factor like inflation to higher levels. After a decent run up this profit booking can be seen as an intermediate event which was due on charts while in the short term we are still seeing 10400 - 10450 as a strong support where we may see some demand coming in.
On higher side resistance is now seen at recent swing high of 10600 to 10640 area. Further, we may consolidate in this range before moving ahead in a direction.
Markets at Close
The benchmark indices snapped their nine-day gaining spree. The Sensex ended at 34,331, down 63.38 points, while the broader Nifty50 closed at 10,537, down 11.10 points. In the broader market, the BSE Midcap and the BSE Smallcap gained 0.3 per cent each.
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Sectoral trend at close
Source: NSE
Markets pare gains; Sensex slips 100 points
At 3:13 pm, the Sensex was trading at 34,302, down 92.63 points, while the broader Nifty50 was ruling at 10,519, down 29 points.
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Buzzing Stock
Dabur India share price gained nearly 3 per cent after global brokerage CLSA raised target price to Rs 353.6 apiece on Wednesday, their highest level since February 2.
Nifty Outlook by IIFL
Nifty closed above the psychological mark of 10500 for the second straight day, even after trading below the said mark on an intraday basis. On the daily chart, Nifty has formed a small body bear candle with longer lower shadow, which is indicating buying from lower levels. This candlestick pattern is similar to that of a ‘Hanging Man’ which is a negative reversal pattern, but further confirmation is needed for the same. Nifty corrected from the high of 11171 to the lower of 9951 and now trading near the 50% retracement level. Nifty till holds the level of 10480 on a closing basis further upside cannot be ruled out. The 50DEMA (10379) is likely to act as a strong support, and only close below 10350 can bring meaningful correction.
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Sensex Heatmap at Open
Markets at Open
At 9:20 am, the Sensex was trading at 34,443, up 48.36 points, while the broader Nifty50 was ruling at 10,578, up 30.20 points. In the broader market, the BSE Midcap and the BSE Smallcap gained 0.3 per cent each.
Nifty outlook by Angel Broking
As far as index view is concerned, we would continue with our recent stance and expect the Nifty to gradually march towards its sturdy wall of 10580 – 10640. We reiterate that it would be an opportunity for short term traders to liquidate longs and remain light on positions. One should expect some consolidation for next couple of days before market giving any kind of directional move. Hence, intraday traders are advised to keep focusing on individual stocks and should rather adopt a proper exit strategy. For the coming session, the support now would be seen at 10500 – 10450 levels.
Rupee at Open
Rupee opens at 65.66 per dollar against Tuesday’s close of 65.64 against dollar.
Asian markets today
Asian shares crept ahead on Wednesday after Wall Street took heart from upbeat corporate earnings, though nagging concerns about trade barriers and the global growth outlook kept currencies and bonds subdued.
The Shanghai index had hit a near one-year low after the United States banned American companies from selling components to Chinese telecom equipment maker ZTE Corp.
MSCI’s broadest index of Asia-Pacific shares outside Japan bounced 0.5 percent, though that follows four straight sessions of losses.
Japan’s Nikkei climbed 1.2 percent, with investors waiting for any developments on trade as Japanese Prime Minister Shinzo Abe meets President Donald Trump at his Mar-a-Lago resort.
E-Mini futures for the S&P 500 gained 0.1 per cent.
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The Sensex and Nifty extended gains for the ninth straight session on Tuesday as sentiment turned positive thanks to normal monsoon forecast and positive trend in Europe. This was the longest winning run since September 2014. The Sensex settled at 34,395, up 89.63 points, while the broader Nifty50 ended at 10,548, up 20.35 per cent. The Sensex has gained 1,286.36 points in the last eight sessions.
In the broader market, the BSE Midcap and the BSE Smallcap gained 0.3 per cent each. Market breadth, indicating the overall health of the market, turned positive. On the BSE, 1,399 stocks gained, 1,248 stocks declined, while 156 stocks remained unchanged.
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