The markets opened in the red today but recovered later and ended in the green zone. Sensex closed 131 points up at around 77,341 while Nifty sealed the day at 23,537.
Gainers and losers:
In the Sensex pack, M&M, Power Grid, Sun Pharma, and Nestle India were top gainers while IndusInd Bank, Adani Ports, Tata Steel, and Reliance Industries were the top losers
Sector-wise performance:
The gains were led by auto stocks, the auto index was up nearly 0.9%. The FMCG index rose around 0.72%. The Nifty IT, metal, PSU bank and pharma indices traded with cuts.
Nifty Midcap100 gained 0.27%, while the Nifty Smallcap100, on the other hand, ended the day 0.1% lower.
Global markets:
Asian shares were mostly in red except for Nikkei, which posted gains of around 0.5%. Hong Kong’s Hang Seng dropped 0.8% and the Shanghai Composite lost 0.7%
Technical Outlook:
Nifty opened a gap down and on the daily charts, the index has been broadly trading in the range of 23200–23700 since the last ten trading sessions.
As per Jatin Gedia, technical research analyst at Sharekhan by BNP Paribas– “Dips towards the lower boundary should be used as a buying opportunity with a Trailing stop loss of 23200. The hourly momentum indicator has triggered a positive crossover which is a buy signal. Thus, we shall continue to ride the up move till there is weakness on the price front.”
