Favia the Bull, after the intra-day fight between the Bull-Bears

There was a tug of war going on in the stock market on Thursday. After a positive start, the market witnessed a firm ore on the back of a sharp correction. However, after the interval, the market rolled down and came in the negative zone. After staying in the red zone for some time, the […]
 


Favia the Bull, after the intra-day fight between the Bull-Bears

There was a tug of war going on in the stock market on Thursday. After a positive start, the market witnessed a firm ore on the back of a sharp correction. However, after the interval, the market rolled down and came in the negative zone. After staying in the red zone for some time, the bulls again took control of the market and finally the market closed positively. BSE Sensex closed 443 points higher at 51,633 while Nifty rose 143 points to 15,557. Out of 50 Nifty counters, 44 were showing positive closes. While only 6 counters were found negative. Thus the market-wide positive in large-caps was seen after a long time. Buyers also returned to the broader market and the market breadth remained positive on the BSE. Volatility index India Wax closed 2 per cent lower at 20.88.

Amid a mixed trend in the global markets, there was heavy volatility in the Indian market on Thursday. After opening with a positive note at one time, the Sensex was showing a correction of more than 700 points. From there it lost the entire correction and traded negative by 200 points. However, the bulls again took control of the market and the benchmark saw a positive crossover by over 500 points before the close. Thus, after a long time, the bulls did not let the lower ones get the upper hand. However, the benchmark failed to close at 15,600. According to analysts, the hurdle is around 15,600. It may take some time for the market to cross this. This level can be crossed overnight if there is support from the global markets. However, the global markets are witnessing ups and downs every day. After showing positive trading for most of the time on Wednesday, the US market finally entered the negative zone on Wednesday. Among Asian markets, Taiwan and Korea were down more than one percent. Whereas the Chinese market was showing signs of improvement of more than one percent. The European markets saw slight volatility. In which Germany appeared negative. Markets in France and the UK were up 5 per cent.

In terms of sectoral performance, the auto index gained 4.4 per cent. Apart from this, strength was also seen in IT, Realty, Pharma, FMCG and Metal. Auto Index managed to close at the top of the day. Car-leader Maruti remained in the limelight for a longer period with a 6.3 per cent correction in shares. The share is worth Rs. 8,200 level was crossed. Shares of two wheeler leader Hero MotoCorp also gained 6 per cent. Apart from this, Eicher Motor gained 6 percent, Ashok Leyland 5 percent, Mahindra & Mahindra 4.5 percent, Bajaj Auto 4 percent, TVS Motor 3.8 percent and Tata Motors 3.6 percent. Nifty IT closed with a gain of 2 per cent. Among the major IT counters, the treasury increased by 5 per cent. Mindtree was up 4.3 per cent, L&T Inftech 2.8 per cent, TCS 2.7 per cent and L&T Technology up 2 per cent. Nifty Firma was at number three with a gain of 1.6 per cent. Biocon trailed pharma shares 4%. Lupine was up 2.6 per cent, Sun Pharma 2 per cent, Davis Labs 1.9 per cent, Alkem Lab 1.9 per cent, Cipla 1.8 per cent, Torrent Firma 1.3 per cent and Zydel Life 1 per cent. Nifty Realty Index rose 1.7 per cent. Shobha Developers was up 3.33 per cent, DLF 3 per cent, Brigade Enterprise 2.4 per cent, Phoenix Mills 2.21 per cent and Indiabulls Realty 1.6 per cent. Talking about the broader market, out of 3,434 traded counters on BSE, 2,038 were positive. While 1,277 negatives indicated closure. 58 counters recorded their annual peaks. While 119 counters showed yearly lows. In the NSE derivatives segment, Strides Firma gained 5.3 per cent, Persistence System 4.7 per cent, Nippon 4.7 per cent, Bajaj Auto 4.1 per cent and Jubilant Food 4 per cent. While Mannapuram Finance 1.75 per cent, Reliance Industries. InterGlobe Aviation was down 1.6 per cent, GAIL 1.42 per cent and Nalco 1.31 per cent.