Taking Stock: Sensex, Nifty end marginally lower amid volatility; realty worst hit
A mixed trend was witnessed on the sectoral front with the Realty index falling nearly 2 percent and the PSU Bank index down 0.5 percent. The Information Technology index rose 1 percent and the Metal index added 0.75 percent.
The BSE Midcap index fell 0.2 percent, while the Smallcap index added 0.5 percent.
After showing smart recovery in the previous session, the Indian equity indices remained in a consolidation mood on August 1. At close, the Sensex was down 68.36 points or 0.10 percent at 66,459.31, and the Nifty was down 20.30 points or 0.10 percent at 19,733.50.
The market started the day with marginal gains but witnessed profit booking in the initial hours and remained rangebound during the day and settled with marginal losses.
Coal India, NTPC, Tech Mahindra, HCL Technologies and LTIMindtree were among the top gainers on the Nifty, while losers included Power Grid Corp, Hero MotoCorp, Apollo Hospitals, Bajaj Finserv and IndusInd Bank.
A mixed trend was witnessed on the sectoral front with the Realty index falling nearly 2 percent and the PSU Bank index down 0.5 percent. The Information Technology index rose 1 percent and the Metal index added 0.75 percent.
The BSE Midcap index fell 0.2 percent, while the Smallcap index added 0.5 percent.
A long build-up was seen in Hindustan Copper, Atul and Coal India, while a short build-up was seen in Power Grid, Hero MotoCotp and DLF.
Among individual stocks, a volume spike of more than 300 percent was seen in Berger Paints, Escort and SRF.
Hero MotoCorp, REC, Shriram Finance, Exide Industries, Bharat Heavy Electricals, Bharat Electronics, Welspun Corp, Lupin JSW Steel, Hindustan Copper, Tribhovandas Bhimji Zaveri, HBL Power Systems, Polycab India, NTPC, Lloyds Steels Industries, Indian Railway Finance Corporation, SKF India, IDFC First Bank, were among the stock that touched their 52-week high on the BSE.
| INDEX | PRICES | CHANGE | CHANGE% |
|---|---|---|---|
| Sensex | 66,459.31 | -68.36 | -0.10% |
| Nifty 50 | 19,733.55 | -20.25 | -0.10% |
| Nifty Bank | 45,592.50 | -58.60 | -0.13% |
| BIGGEST GAINER | PRICES | CHANGE | CHANGE% |
|---|---|---|---|
| Coal India | 240.35 | 11.10 | +4.84% |
| BIGGEST LOSER | PRICES | CHANGE | CHANGE% |
|---|---|---|---|
| Power Grid Corp | 251.80 | -14.25 | -5.36% |
| BEST SECTOR | PRICES | CHANGE | CHANGE% |
|---|---|---|---|
| Nifty IT | 30288.70 | 360.20 | +1.20% |
| WORST SECTOR | PRICES | CHANGE | CHANGE% |
|---|---|---|---|
| Nifty Infra | 6076.55 | -38.80 | -0.63% |
Outlook for August 2
Shrikant Chouhan, Head of Research (Retail), Kotak Securities
There was caution amongst the investors as markets exhibited a range-bound trend and ended marginally lower ahead of the RBI's monetary policy next week. Markets would continue to look for global cues, as the recent rally was too fast paced with valuations getting expensive. Markets will continue to select bouts of profit-taking even as the overall undertone remains bullish.
Technically, on the daily chart, the index has formed a small bearish candle, which indicates indecisiveness between the bulls and bears. Below 19700, the market could retest the level of 19650-19600. On the flip side, a fresh uptrend rally is possible only after the dismissal of 19800 and above the same, the index could rally till 19840-19875.
Ajit Mishra, SVP - Technical Research, Religare Broking
Markets traded range bound and ended almost unchanged amid mixed cues. Initially, Nifty tried to inch higher in continuation to Monday’s up move but profit taking in select heavyweights capped the upside. It oscillated in a narrow range thereafter and finally settled at 19734.30 levels. In line with the benchmark, the majority of sectors ended flat however continued recovery in IT majors saved the day.
Among the broader indices, the smallcap index inched higher and gained over half a percent while the midcap ended flat.
Markets have been maintaining a positive tone amid consolidation, thanks to upbeat global cues and selective buying across sectors. The existence of multiple supports at 19,500 in Nifty is further adding to the confirmation. We thus reiterate our view to look for buying opportunities on dips and avoid contrarian trades.
SOURCE- MONEYCONTROL
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