Shares closed flat amid trading in a narrow range
The Indian market is stuck in a narrow range amidst mixed conditions in the global markets. After a positive start on Tuesday, the market witnessed a gradual decline and finally closed flat. The BSE Sensex closed at 60,978.75, up 37.08 points, while the Nifty closed at 18,118.30, down 0.25 points. Broads soften on selling in large-caps. Of the 50 counters included in the Nifty-50, 31 closed with a decline. While 19 counters registered positive close over their previous close. The same situation prevailed in the broad market as well. Out of a total of 3,650 traded counters on the BSE, 2,043 counters showed a negative close. While only 1,482 counters remained positive. 119 counters showed their annual peak. While 75 stocks have made a low of 52 weeks. The Volatility Index India Wix closed with a marginal gain of 0.3 points.
On Tuesday, the Indian market showed a positive start for the second consecutive day. The Nifty opened at 18,183.95 as against the previous close of 18,118.55. From where it traded at an intra-day high of 18,201.25. However, after this he was seen constantly rubbing. It showed a low of 18,078.65 an hour before the market closed. From where the flat with minor improvement was closed. Nifty futures were seen closing at 18118.90 without any premium against Nifty cash. Which indicates that the market had seen liquidation for a long time. According to technical analysts, Nifty is seeing distribution at 18,200. Thus it is becoming a major hurdle in the market. Higher volatility is possible as Wednesday is January expiry day. 18,000 support will be crucial for the benchmark. Whose breakdown may show pre-budget level of 17,800. After the fall in the market on Monday, it was believed that the phase of pre-budget boom has started in the market. However, there was a dent in it on Tuesday.
There is no possibility of any significant improvement in the absence of special expectations from the budget. However, there is no possibility of any significant negative in the budget and hence the market may look almost flat before the budget. Auto stocks were the top gainers in the Nifty counters on Tuesday. In which Tata Motors remained on top. Apart from this, Maruti Suzuki, Bajaj Auto, HCL Technology, Britannia, HDFC Bank, HDFC, Asian Paints, Eicher Motors etc. improved.
Whereas, Axis Bank Dr Reddy’s Labs, Hindalco, Power Grid Corporation, Grasim, SBI Life Insurance, JSW Steel, Kotak Mahindra, Tata Steel and Larsen were all carriers. Talking about the sectoral performance, Nifty Auto remained at the top of the correction with a gain of 4 per cent. The strength was seen on the strength of the good results of the auto company Maruti.
Tata Motors closed up 3.4 per cent. While Maruti showed an improvement of 3.35 per cent. Apart from this, improvements were also seen in Tube Investments, Bajaj Auto, Bosch, Eicher Motors and TVS Motors. However, there was weakness in Bharat Farz, Exide Ind and M&M. Nifty IT also closed with a gain of 0.77 per cent. In which LTI Mindtree was the top improver with 3.22 per cent. Apart from this, strength was also seen in L&T Technology, Infsys, HCL Technology, TCS, Tech Mahindra and Infsys. Nifty Media and Nifty consumption also showed strength. However, weakness was seen in PSU Bank, PSE, Bank Nifty and Pharma sector. Nifty PSU Bank fell 1.4 per cent. In which Bank of Maharashtra was ahead in breaking with 4 per cent. Apart from IOB, UCO Bank, Punjab & Sind Bank, Central Bank, PNB, Bank of India and Bank of Baroda also declined significantly. The Nifty Pharma index declined by one per cent. In which Reddy’s Labs topped with 2 per cent in Dr. Break. Apart from this, decline was also seen in Lupine, Aurobindo Pharma, Zydus Life, Alkem Lab, Biocon. Axis Bank fell 2.4 per cent due to strong results in the private banking sector. Apart from this, Kotak Mahindra Bank, AU Small Finance, IDFC First Bank, Federal Bank were also weak.
NSE derivatives segment led the correction with PVR up 3.6 per cent. Apart from this, CG Consumer, Delta Corp, Trent, Indiamart, Can Fin Homes, Chola Investments, Petronet LNG, Apollo Tires saw significant improvement. On the other hand, Tata Communications was the topper with a break of 4.3 per cent. Apart from this, weakness was seen in Sinjin International, RBL Bank, Indiabulls Housing Finance, Torrent Power, Balrampur Chinese, Sun TV Networks and L&T Finance. 360 One WAM showed a yearly peak. While many counters made their yearly or all-time lows. These include Gland Pharma, Indus Towers, Laurus Labs, Thyrocare Tech., Glaxo Styrene, Nippon, Saregama India, Balaji Amines, Vodafone Idea.