A close below 8,220 may mean a few days of decline for Nifty
We had mentioned in Friday’s closing report that Nifty, Sensex are buoyed by global stimulus and that Nifty has to stay above 8,200 during the week for the rally to continue. The market failed to maintain its bullish trend and the major indices in the Indian stock markets were found to be moving sideways. The day’s low was at 8,252.25. Nifty and Bank Nifty closed with small losses.
The trends of the major indices in Monday’s trading are given in the table below:
India Vix closed at 17.23, up 6.41%. NSE turnover was at 70.11 crore.
A Chinese stimulus, domestic quarterly results and a US decision on a rate hike, coupled with the expiry of derivatives are expected to drive Indian equities markets in the next few days. As expected, the major indices in the Indian market opened on a higher note, but could not sustain the advantage and retreated to the listless trends of the previous week, leading to the indices closing with small losses.
Foreign funds were net sellers of shares worth $41.47 million. Some buying was observed in capital goods, power and Information Technology sectors, while selling pressure was seen in oil and gas, consumer durables and metal sectors.
In BSE, oil and gas index plunged 0.95%, consumer durables index dropped by 0.87% and metal index fell by 0.70%, while power index gained by 0.46%, capital goods index moved up by 0.38% and IT index got augmented by 0.24%.
The 100-scrip and 200-scrip indices were both down by 0.43%. Mid-cap index ended lower by around 0.52% and small-cap stocks fell 0.72%.
HDFC was down 2% after the housing company's net interest income fell below analysts' expectations but profit beat analysts’ estimates and increased 18%.
Bharti Airtel fell 2%. Consolidated numbers in Q2 were largely in line with analysts’ estimates. India business was impacted by seasonality. Analysts felt that investors were worried about its voice and data realisation decline and slower growth in data volumes.
Asian Paints plunged 4.7% after its results missed analysts’ expectations.
The Sensex gainers were: BHEL, up 3.72% at Rs.217.55; Vedanta, up 2.40% at Rs.104.70; Bajaj-Auto, up 2.14% at Rs.2,567.55 and Tata Steel, up 1.38% at Rs.249.45.
The losers included: Coal India, down 2.40% at Rs.333.20; HDFC, down 2.09% at Rs.1,312.85; Bharti Airtel, down 1.91% at Rs.351.90 and Reliance Industries, down 1.34% at Rs.943.
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: