Indian Stocks End Up Flat; L&T, TCS Offset Reliance Industries, HDFC Bank
The 30-share BSE benchmark Sensex declined 5 points to settle at 66,017. The broader NSE Nifty dropped 09 points or 0.04 per cent to end at 19,875.
From the Sensex pack, UltraTech Cement, L&T, Bajaj Finance, TCS and NTPC ended in the red, while IndusInd Bank, JSW Steel, Bharti Airtel, Wipro and HDFC Bank closed in the green.
Among individual stocks, CDSL closed 4.7 per cent higher after the depository informed exchanges about crossing the 10 crore registered demat accounts mark.
Nifty Pharma declined 1.6 per cent, dragged by Cipla, Aurobindo Pharma and Ipca Labs. Nifty Healthcare, Consumer Durables and IT also closed lower. On the other hand, Nifty Bank, Auto, Metal and Realty closed higher. In the broader market, Nifty Midcap100 ended flat, while Smallcap100 rose 0.7 per cent.
The market breadth was skewed in the favour of the bulls. About 2,064 stocks gained, 1,636 declined and 144 remained unchanged on the BSE.
FII and FPIs, on Thursday, saw a net purchase of Rs 255.53 crore in the cash segment. A total of Rs 7,093.19 crore was sold against a total purchase of Rs 7,348.72 crore. Domestic institutional investors saw a net purchase of Rs 457.39 crore in the cash segment. A total of Rs 5,777.08 crore was sold against a total purchase of Rs 6,234.47 crore.
Meanwhile, Range-bound momentum continued on main indexes as the market looked for new triggers for a decisive move beyond the 19800 level. However, the broad markets’ undercurrent is strong and rapid buying has emerged in the mid-and small-cap counters as a bargaining strategy arose on recent underperforming stocks.
The declining oil prices and ease in US bond yields are the key positives for a broader recovery for the market. The European market was mixed ahead of the ECB minutes and the release of manufacturing index data.
Technically, the important key resistances placed in October Nifty future are at 19,875 levels, which could offer 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 19,909 – 20,008 levels. Immediate support is placed at 19,808 – 19,676 levels.
