Opening bell: Budget 2019 fails to cheer markets; Sensex, Nifty bleeds near 0.5%
The BSE Sensex went down 87 points to 36,390 while 50-stock Nifty went southward by 29 points to 10,864 levels. Energy and consumer durables sector stocks were the top gainers in intraday trade.
After cheering the budget 2019 over 200 points on Friday, Indian indices failed to extend psot budget rally on Monday. The BSE Sensex went down 87 points to 36,390 while 50-stock Nifty went southward by 29 points to 10,864 levels. Consumer durable and energy sector were the major gainers logging 1.46 and 0.75 per cent gains respectively. Consumer durable major titan Company shares surge around 3.8 per cent while energy major Reliance Industries went up by around 1.1 per cent from the Friday close.
Among other consumer durable stocks Symphony shares emerged as major gainer with 1.6 per cent rise, Whirlpool stock went up by around 0.9 per cent while stocks of Cromptom Grieves, Rajesh Exports, PC Jewllers were in red zone. Shares of Cromptom Grieves and PC Jewllers went down by around 1.6 and 1.9 per cent respectively while Rajesh Exports stocks went down near 1 per cent. Similarly among energy sector stocks ONGC shares surge by around 1.2 per cent, Jindal Drilling and Industries shares rose by near 2.4 per cent, GP petroleum rose by near 3.6 per ent while Deep Industries stocks went northward by around 2.5 per cent.
Commenting upon the markets Mehul Kothari, Senior Technical Analyst - Equity at IndiaNivesh told, "Technically, as mentioned earlier in our daily reports; we had a ‘Double Top’ formation near 11000 mark but now we have a ‘Triple Top’. For the markets to ascent on the higher side Nifty needs a strong close above 11000 mark. Only in such scenario we could witness higher levels like 11100 – 11200. Even in this case; the said zone remains to be a strong test for the bulls. We continue to reiterate our view that due to unfavourable risk reward it’s better to avoid fresh long in the index and concentrate on stock specific action. On the downside, 10800 mark is likely to act as an intermediate support below which there is a possibility of profit booking. However, a breach of 10580 mark could be precarious for the market. Traders are constantly advised to remain stock specific and avoid over leveraged positions."
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Asia stocks hovered near four-month highs on Monday after a mixed performance on Wall Street at the close of last week, while the dollar firmed against the yen following strong U.S. job and manufacturing data.
MSCI`s broadest index of Asia-Pacific shares outside Japan was almost flat. It had scaled a four-month peak on Friday along with a surge in its global peers.
Trade was subdued with many of the region's markets closed for the Lunar New Year. China's financial markets are closed all week, while those in South Korea are shut until Thursday.
Hong Kong's Hang Seng, which is trading for only half a day, edged up 0.2 per cent. Japan's Nikkei added 0.5 percent.
On Wall Street on Friday optimism from a surge in January US job growth was offset by a weaker-than-expected outlook from Amazon.com Inc that battered retail stocks. The Dow nudged up 0.26 per cent while the Nasdaq shed 0.25 per cent.