Sensex, Nifty end flat after choppy day; financials fall, Godrej Prop up 9%

CLOSING BELL: Bajaj Finance, Asian Paints, IndusInd Bank, ICICI Bank, Nestle India, HUL, Reliance Industries, HDFC Bank, Axis Bank, and SBI were the top laggards on the Sensex index

Stock market

Stock market higlights: Benchmark indices erased gains in the last hour of trading as profit booking in financial and FMCG stocks weighed on the bourses. The S&P BSE Sensex, which hit an intra-day high of 60,109, ended at 59,846, up 14 points or 0.02 per cent. The Nifty50, meanwhile, shut shop at 17,624, up 24 points or 0.14 per cent. The touched an intra-day high of 17,694.

Bajaj Finance, Asian Paints, IndusInd Bank, ICICI Bank, Nestle India, HUL, Reliance Industries, HDFC Bank, Axis Bank, and SBI were the top laggards on the Sensex index, down up to 1.76 per cent. 

ALSO READ: 5 mid-cap stocks enter next bull run; Do you own any?

The broader markets, however, outran the frontline indices with the BSE MidCap index up 0.38 per cent, and the BSE SmallCap index up 0.16 per cent.

Sectorally, the Nifty Private, PSU Bank, and FMCF indicies fell up to 0.6 per cent. On the flipside, the Nifty Realty index jumped over 4 per cent, rallying over 7 per cent in two days. READ MORE

12:03 PM

MARKET VIEW: Volatility on account of sectoral churn away from Banks to Auto & Realty

Market has corrected from near record highs and has turned volatile. A healthy feature of the ongoing 3-month old rally is that it has been characterised by corrections which made ‘buy on dips’ strategy successful. 
 

Much of the ongoing volatility in the market is due to sectoral churning happening on a large scale. This has turned Bank Nifty weak and Nifty Auto and Nifty Realty strong.

It is important to understand this sectoral churn and diverse sectoral trends. While Nifty is up by 3% YTD, Nifty Bank is up by only 1%. In sharp contrast to this trend, Nifty Auto is up by 15.86% and Nifty Realty is up by 17% YTD.

Banking stocks are witnessing profit booking in spite of the sound fundamentals and part of this money is moving to autos and realty reflecting their improving prospects.

Views by V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

5:48 PM

COMMENT:: Global markets took a breather ahead of China rate decision, Fed testimony

"Indian equities shied away from closing at all-time high levels amid profit booking, primarily driven by private banks. Global markets also took a breather after a strong rally last week as investors looked forward to China's rate decision and the Fed chair's testimony. The Indian rupee has been exhibiting strength recently, supported by strong FII inflows and favourable domestic macroeconomic data."

 

- Vinod Nair, Head of Research at Geojit Financial Services

2:39 PM

ALERT:: IMD says favourable conditions of monsoon to advance

The met department says that the conditions are favourable for monsoon to advance over south Peninsular India, reports CNBC TV 18.
The met department says that the conditions are favourable for monsoon to advance over south Peninsular India, reports CNBC TV 18.

2:22 PM

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1:55 PM

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5:52 PM

Torrent Power soars 14% on inking MoU with Maha government for three projects

The company has signed a MoU with the Maharashtra government for setting up three Pumped Storage Hydro Projects of 5,700 MW capacity in Maharashtra, would entail an investment of about Rs 27,000 crore.

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5:50 PM

VIEW:: Bank Nifty may see strong upside on breakout above 44,500

"The Bank Nifty remained sideways following a positive start. The undertone of the index is still bullish, maintaining the support of 44,000 in a spot where a decent amount of Put writing is seen and resistance is still intact at 44,500. After the central bank policy the Bank Nifty is expected to give a move on either side. Upon a decisive move 44,500 we might see strong directional upside moves."

- Rupak De, Senior Technical Analyst at LKP Securities

4:13 PM

Comment :: 'Inflation data will be crucial in determining the market trend'

Sentiments in the domestic market improved after the RBI’s decision to keep rates unchanged, coupled with positive revisions in GDP and inflation forecasts. The positive quarterly business updates from auto and real estate firms caused strong movements in their respective sectors, but the overall mood was slightly dampened by solid US job data, which raised fears of further rate hikes by the Fed. The release of inflation data in India and the US, along with the FOMC minutes, have now become crucial in determining the market trend.

Views by: Vinod Nair, Head of Research at Geojit Financial Services.

4:08 PM

Tech View :: Will Bank Nifty see short covering?

The BANK NIFTY index faced selling pressure from higher levels after a strong rally last week. The index, if it fails to sustain above the level of 41,200, can witness some profit booking towards 40,600-40,500 levels. The upper resistance, if taken out, will lead to further short covering towards the 42,000 level.

Views by: Kunal Shah, Senior Technical Analyst at LKP Securities

4:03 PM

Tech View :: 'Nifty is approaching consolidation phase in the immediate short term'

The Nifty continued with positive momentum and closed with gains for the sixth consecutive trading session. On the daily chart, we can observe that the Nifty has faced selling pressure from the zone of 17,680 – 17,700 where resistance in the form of the downward sloping trendline and the daily upper Bollinger band is placed.

The hourly momentum indicator has a negative crossover along with a negative divergence which indicates loss of momentum on the upside. Considering that prices have reached a minor resistance and with the momentum also not supportive can lead to a consolidation in the immediate short term.

Crucial support is placed at 17,550 – 17,500 while immediate hurdle is placed at 17,680 – 17,700. Overall, the uptrend is still intact and we expect Nifty to target levels of 17,800 from short term perspective.

Views by: Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas 

3:59 PM

Tech View :: Nifty suitable for 'buy-on-dip' above this level

Nifty remained volatile within a narrow range before closing on a muted note. On the daily chart, the index has maintained its position above the breakout zone. The momentum oscillator RSI is in bullish crossover and rising. The market continues to remain buy-on-dips as long as it sustains above 17,500. On the higher end, immediate resistance is visible at 17,700; above which the index may move up towards higher levels.

Views by: Rupak De, Senior Technical Analyst at LKP Securities

 

3:57 PM

Currency check :: Rupee ends at 81.98/$ against Thursday's close of 81.89/$

3:54 PM

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