Nifty is on course to head towards 8,600 and Bank Nifty towards 18,900
We had mentioned in Wednesday’s report that NSE’s CNX Nifty can rise up to 8,600 over the next few days and Bank Nifty to 18,900. Indian benchmark indices moved sideways and closed Thursday marginally in the red waiting for positive cues from domestic and international sources.
The wider 50-scrip Nifty ended the day's trade down by 8.15 points or 0.10% at 8,444.90 points. The S&P BSE Sensex closed the day's trade down 75 points or 0.27%.
The 30-scrip S&P BSE Sensex, which opened at 28,100.38 points, closed at 27,945.80, down 75.07 points or 0.27% from its previous day's close at 28,020.87 points. The Sensex touched a high of 28,115.96 points and a low of 27,906.35 points during the intra-day trade.
Analysts said that while Greece uncertainty continued to brew, buyers in Indian markets were less eager to chase higher prices, after three days of relentless sharp rise. Analysts also pointed out that the crude oil’s sharp fall, following the US data showing higher inventory rise and better-than-expected performance of monsoon added some positive cues.
More importantly, the June quarter results, which are expected to soon start rolling, will be the main trigger for the markets.
During Thursday's trading, healthy buying took place in oil and gas, automobile and fast moving consumer goods (FMCG) sectors.
The S&P BSE oil and gas index rose by 85.52 points, automobile index rose by 83.97 points, and FMCG index was up by 22.08 points.
The S&P BSE healthcare index ended lower by 66.33 points, followed by metal index which decreased by 58.97 points and capital goods index was down 23.15 points.
The major Sensex gainers in Thursday's trade were: Bharti Airtel, up 2.13% at Rs433.55; Mahindra and Mahindra, up 2.00 points at Rs1,316; Bajaj Auto, up 1.67% at Rs2,565.80; Axis Bank, up 0.62% at Rs582.35; and Hero MotoCorp, up 0.56% at Rs2,532.85.
The major Sensex losers were: Tata Motors, down 1.84% at Rs436.60; Hindalco Inds, down 1.72% at Rs111.15; HDFC Bank, down 1.33% at Rs1,057.45; Vedanta, down 1.08% at Rs174; and ONGC, down 1.07% at Rs310.35.
Among the Asian markets, Japan's Nikkei gained by 0.95%, however, China's Shanghai Composite Index dipped lower by 3.49%. Hong Kong's Hang Seng increased by 0.12%.
Among European indices, DAX was at 11,149.98, up 1.88% and FTSE 100 was at 6,635.32, up 1.75%. Athex Composite Share Price Index was at 797.52, up 2.03%.
US markets opened sharply higher on better employment data.