Domestic Benchmark Indices End Flat on Profit Booking After Steady Gains
Dear Trader…
Rise in IT stocks due to easing interest rate concerns in the US was offset by a late slide in banking and financial stocks. The BSE Sensex gained a nominal 11 points or 0.02 per cent to settle at 65,087. The broader NSE Nifty future rose three points or 0.01 per cent to end at 19,340.
From the Sensex pack, Jio Financial Services closed in a five per cent upper circuit for the second straight day. Tata Steel, Maruti, M&M, Infosys, and HCL Tech also closed higher. On the other hand, Power Grid Corp, SBI, ICICI Bank, IndusInd Bank, and HDFC Bank closed in the red.
Among individual stocks, Zomato shares closed 5.5 per cent higher amid a block deal on the counter. Shares of Suzlon Energy also hit a five per cent upper circuit for the third consecutive session as sentiment for the stock ran high. Domestically focused midcaps gained 0.73 per cent, while Smallcap100 advanced 1.03 per cent. Sector-wise, Nifty Bank declined 0.59 per cent and Nifty Financial Services fell 0.50 per cent. The market breadth was skewed in favour of the bulls. About 2,230 stocks gained, 1,425 declined, and 135 remained unchanged on the BSE.
FII and FPIs, on Friday, saw a net Purchase of Rs. 487.94 crore in the cash segment. A total of Rs. 14,731.67 crore was sold against a total purchase of Rs. 15,219.61 crore. Domestic institutional investors saw a net Purchase of Rs. 2294.93 crore in the cash segment. A total of Rs. 8593.86 crore was sold against a total purchase of Rs. 10,888.79 crore.
Meanwhile, Positive sentiment initially propelled domestic equities, buoyed by softer US labour market data that caused a retreat in US bond yields, alleviating concerns about rate hikes. However, gains were tempered as the day progressed, primarily due to weakness in global markets attributed to lacklustre economic data from Europe.
Technically, the important key resistances placed in Nifty future are at 19575 levels, which could offer for the market on the higher side. Sustainability above this zone would signal opens the door for a directional up move with immediate resistances seen at 19606 - 19636 levels. Immediate support is placed at 19474 - 19404 levels.
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