The market snapped its two-day winning streak on July 26 to end marginally lower on a volatile day of trade. At close, the Sensex was down 123.53 points, or 0.23 percent, at 52,852.27 and the Nifty was down 31.50 points, or 0.20 percent, at 15,824.50.
“Markets traded lacklustre and ended marginally in the red, tracking mixed cues. The beginning was downbeat following negative global cues, however, the index managed to recoup its losses and traded in a narrow range thereafter. Finally, the Nifty ended lower by 0.2 percent at 15,824 levels,” said Ajit Mishra, VP – Research, Religare Broking.
The broader markets, too, ended flat. The BSE midcap index ended flat, while smallcap index ended 0.3 percent higher.
“Going forward, the earnings announcement from select Nifty majors combined with global cues will dictate the trend. Meanwhile, we reiterate our view to limit leveraged positions and wait for further clarity,” Mishra said.
Among the sectors, a mixed trend was witnessed, as consumer durables, IT, pharma and metals ended higher. The Nifty energy index shed a percent, while bank, auto and PSU bank indices ended lower.
JSW Steel, Wipro, Reliance Industries, SBI and M&M were the top Nifty losers. SBI Life Insurance, Bajaj Finserv, Hindalco, Divis Labs and UltraTech Cement were among the top gainers.
Stocks & sectors
On the BSE, auto, power, oil & gas and realty sectors lost over 0.5 percent each, while metal and healthcare indices ended 0.5 percent higher.
Among individual stocks, a volume spike of more than 500 percent was seen in Indiabullls Housing, Sun TV Network and Navin Fluorine International.
A long buildup was seen in SBI Life, Indiabullls Housing and Federal Bank, while a short buildup was seen in Mindtree, Navin Fluorine and Bata India.
More than 500 stocks, including Torrent Pharmaceuticals, JSW Energy, Infosys and Divis Laboratories, hit a fresh 52-week high on the BSE.
Technical View
The Nifty formed a bearish candle and an inside bar on the daily scale and continued to form higher lows of the last two sessions.
“The Nifty has to hold above 15,800 zones to witness an up move towards 15,962 and 16,000 levels, while on the downside, support exists at 15,750 and 15,700 levels,” said Chandan Taparia, Vice President, Analyst-Derivatives, Motilal Oswal Financial Services.
Disclosure: MoneyControl is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.
Disclaimer: The views and investment tips expressed by experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
