Market manages to remain positive amid bull-bear frenzy

The bulls of the stock market are not ready to budge at all. The market, which was trading in the red zone for most of the day on Wednesday, closed on a positive note after sharp buying in the last hour. BSE Sensex closed 214 points higher at 58,351, while Nifty closed 43 points higher […]
 


Market manages to remain positive amid bull-bear frenzy

The bulls of the stock market are not ready to budge at all. The market, which was trading in the red zone for most of the day on Wednesday, closed on a positive note after sharp buying in the last hour. BSE Sensex closed 214 points higher at 58,351, while Nifty closed 43 points higher at 17,388. The market breadth in large-caps was seen as neutral. Behind which 25 out of 50 Nifty counters were showing positive while 25 were closing negative. However, in the broader market, market breadth was soft due to higher profit booking. Volatility index India Vicks closed marginally lower at 18.45 after a two-day high.

Globally, except China, Asian markets are seeing stability amid renewed tensions between the US and China over the Taiwan issue. China’s Shanghai Composite Index closed 0.7 per cent lower. However, other Asian markets were trading in a positive zone. Thus there was no external pressure on the Indian market. However, after opening flat on the previous close, the local benchmark was seen slipping in the first two hours. Where the bulls re-entered and the market slowly recovered and fell flat. However, after the close of trading, there was a rise in the last hour and on the second day Nifty was trading at the level of 17,400. However, it failed to cross this level. According to technical analysts, once the market crosses the level of 17,400, the target will be 17,700. However, the market may see higher volatility in the next two sessions after the RBI rate review on Friday. 17 thousand necessary for the market

You will get psychological support. Below which the sentiment may deteriorate. However, considering the contribution of all sectors to the rally in recent sessions, participants are mostly bullish and expect Nifty to touch the 18,000 level by September.

On Wednesday, IT companies single-handedly supported the market. The Nifty IT index closed up 1.35 per cent. Buying was also seen in mid-cap IT companies including large-caps. These include L&T Infatech 2 per cent, Tech Mahindra 2 per cent, Mindtree 1.5 per cent, Inphase 1.5 per cent, TCS 1.5 per cent and Coforge 1.3 per cent. The Nifty Financial Services Index was also showing a positive close. In which major contribution was seen from Chola Investments, Piramal Enterprises, ICICI Prudential. After the rally in auto stocks in the last four months, profit booking was natural.

 

Due to which Nifty Auto fell 0.8 per cent. In which Maruti Suzuki indicated a decline of 2.4 per cent, Tata Motors by 1.8 per cent, TVS Motor by 1.2 per cent. Nifty firms too saw pressure barring counters like Cipla and indicated a decline of 0.8 per cent. The pharma counters that closed with significant losses included Oro Pharma 3.2 per cent, Alkem Lab 2.7 per cent, Sun Pharma 2.2 per cent, Lupine 1.8 per cent and Zydus Life 1.1 per cent. The FMCG counters were also tired. Behind which Nifty FMCG closed down half a percent. In which United Breweries declined by 1.9 per cent, Dabur India by 1.5 per cent, United Spirits by 1.3 per cent.

 

ITC and HUL also showed slight softening. Bank Nifty looked flat with moderate redness. However, it could not sustain the 38 thousand level. ICICI Bank, Bandhan Bank and HDFC Bank showed positive closes. While Kotak Mahindra, Federal Bank, AU Small Finance Bank and IndusInd Bank showed weakness. The buying took place at select counters in the NSE derivatives counters. As Nippon Life showed an improvement of 4.22 percent. Apart from this volatile 3 per cent, constant 2.7 per cent, Birlasoft’s 2.3 per cent, Indian Hotels 2 per cent and InterGlobe Aviation 1.7 per cent. At the same time, there was a difference of 6 per cent in Indus Towers. These include Balrampur Chinese 5.2 per cent, Siemens 4.5 per cent, Concor 3.7 per cent, Bharat Farge 3.3 per cent and Vodafone Idea 3.2 per cent.

 

The breadth in the broader market remained quite negative. Out of 3,484 counters traded on BSE, 1,371 were seen as positive. While 1,976 were negative indicating closure. Thus, selling pressure remained in the mid and smallcap segment. 107 counters showed their annual peak. While 23 counters were seen at their 52-week low. 214 counters were showing upper circuit while 167 counters were showing lower circuit. These include Balrampur Chinese 5.2 per cent, Siemens 4.5 per cent, Concor 3.7 per cent, Bharat Farge 3.3 per cent and Vodafone Idea 3.2 per cent. The breadth in the broader market remained quite negative. Out of 3,484 counters traded on BSE, 1,371 were seen as positive.

 

While 1,976 were negative indicating closure. Thus, selling pressure remained in the mid and smallcap segment. 107 counters showed their annual peak. While 23 counters were seen at their 52-week low. 214 counters were showing upper circuit while 167 counters were showing lower circuit. These include Balrampur Chinese 5.2 per cent, Siemens 4.5 per cent, Concor 3.7 per cent, Bharat Farge 3.3 per cent and Vodafone Idea 3.2 per cent. The breadth in the broader market remained quite negative. Out of 3,484 counters traded on BSE, 1,371 were seen as positive. While 1,976 were negative indicating closure. Thus, selling pressure remained in the mid and smallcap segment. 107 counters showed their annual peak. While 23 counters were seen at their 52-week low. 214 counters were showing upper circuit while 167 counters were showing lower circuit.

 

Thus, selling pressure remained in the mid and smallcap segment. 107 counters showed their annual peak. While 23 counters were seen at their 52-week low. 214 counters were showing upper circuit while 167 counters were showing lower circuit. Thus, selling pressure remained in the mid and smallcap segment. 107 counters showed their annual peak. While 23 counters were seen at their 52-week low. 214 counters were showing upper circuit while 167 counters were showing lower circuit.