Nifty has to stay above 8,075 for the rally to continue
We had mentioned in Monday’s closing report that Nifty, Sensex would rally further and that Nifty has to stay above 8,025 for the rally to continue. The major indices in the Indian stock markets were able to sustain the gains made in Monday’s trading and closed marginally higher. Bank Nifty however, closed marginally lower.
Profit booking coupled with caution over the upcoming quarterly results had earlier during the day subdued investor sentiments and led both Sensex and Nifty to give up their morning gains. Furthermore, both indices had receded after key data showed a fall in services output for the month of September 2015. The Nikkei purchasing managers’ index (PMI) services data for September fell to 51.3 from 51.8 level in August 2015.
Rupee too gave up its early gains and depreciated by 13 paise to close at 65.41 to a US dollar from its previous close of 65.28 against the greenback. It touched a day's high of 65.11. Market observers cited value buying and continuation of positive momentum due to last week's monetary easing for the gains.
Sector-wise, consumer durables, fast moving consumer goods (FMCG), oil and gas, healthcare, metal and automobile stocks witnessed healthy buying. However, information technology (IT), technology, entertainment and media (Teck) and banking stocks came under intense selling pressure.
The S&P BSE consumer durables index zoomed by 478.21 points, FMCG index rose by 189.01 points, oil and gas index gained by 169.71 points, healthcare index rose by 167.25 points, metal index was higher by 149.83 points and automobile index edged-up by 107.59 points. However, the S&P BSE IT index fell by 138.48 points, Teck index declined by 51.85 points and banking index was lower by 45.66 points.
Major Sensex gainers during Tuesday's trade were: Tata Motors, up 5.81% at Rs.333.50; ITC, up 4.21% at Rs.342.90; Coal India, up 4.02% at Rs.342.75; Cipla, up 3.36% at Rs.663.55; and Gail, up 3.17% at Rs.307.95.
The major Sensex losers were: BHEL down 2.82% at Rs.198.05, Infosys, down 2.17% at Rs.1,154.85, Maruti Suzuki, down 1.32% at Rs.4,357.30, NTPC, down 1.30% at Rs.125.75 and Axis Bank, down 1.05% at Rs.506.65.
The top gainers and top losers of the indices are given in the table below:
The closing values of the major Asian indices are given in the table below: