Closing Bell: Sensex, Nifty lost early gains on weak Chinese data; Nifty Bank fails to sustain above 29K
The BSE Sensex nudged 2 points higher to 37,754 levels while the 50-stock nifty index inched 1.5 points to 11,343 levels. The Nifty Bank index failed to sustain above the 29,000 levels.
Taking a cue from the weak Chinese data and positive FII sentiments the Indian indices pared the early morning gains on Thursday but ended up remaining into the positive zone. The BSE Sensex nudged 2 points higher to 37,754 levels while the 50-stock nifty index inched 1.5 points to 11,343 levels. The Nifty Bank index failed to sustain above the 29,000 levels. After making an intraday high of 29,070 the Nifty Bank index closed at 28,923 levels, adding 38 points in intraday trade on Thursday.
Speaking on the market trends in coming trading sessions Mehul Kothari, Senior Technical Analyst — Equity at IndiaNivesh Securities told, "Although Nifty maintained its positive momentum but markets witnessed some headwinds at higher levels and thus we reiterate our view that Nifty is approaching crucial resistance of 11380 level which is the 78.6 per cent retracement level of the previous fall. Thus going ahead 11,300 to 11,400 might act as a strong ahead for the bulls. Going ahead, only a move above the same zone might attract more buying interest." Kothari said that on the downside 11,270 might act as an intermediate support for the coming sessions. A move below the same might dwell the ongoing momentum for the time being. As of now we maintain our positive stance for the markets but at the same time advice traders to start booking their leveraged positions.
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Realty index led the bull's run on Dalal Street by adding around 2.5 per cent from its Wednesday close. The index major Indiabulls Real Estate shot up by around 5.97 per cent, shares of Phoenix Mills surged near 5.84 per cent, DLF counter went northward by around 4.5 per cent, Prestige Estates Projects counter added 1.9 per cent while Housing Development & Infrastructure stocks went up by around 1 per cent. The BSE metal index too added around 0.7 per cent. Metal major Vedanta and Tata Steel added around 0.75 per cent while NDMC stock surged more than half a per cent. Coal India counter went northward by around 2 per cent from its Wednesday close.
Asian stock too went in the negative zone on weak Chinese data. Japanese Nikkei 225 lost the early morning gains and slide 0.02 per cent from its Wednesday close. Hang Seng too lost its early gains but remin in green zone by gaining around 0.15 per cent. Shanghai index lost 1.2 per cent while South Korea's Kospi added 0.34 per cent.