Indian share market place indices ended more than .7 per cent on Wednesday as bears took more than D-street. BSE Sensex fell 400 points or .77 per cent to 51,704, even though the Nifty 50 index declined 104.55 points or .68 per cent to 15,209. During intraday, Sensex hit a day’s low of 51,586 and higher of 52,078. Index heavyweights such as HDFC Bank, Housing Development Finance Corporation (HDFC), Kotak Mahindra Bank, TCS, Infosys and Hindustan Unilever Ltd (HUL), amongst other people contributed the most to indices’ loss. While Nifty touched a low 15,170.75. Broader markets outperformed equity benchmarks today. S&P BSE MidCap index was up 9 points at 20,237, even though S&P BSE SmallCap index rose half a per cent or 105 points to settle at 19,883.
S Hariharan, Head – Sales Trading, Emkay Global Financial Services
Holidays across international markets have led to a slight dip in participation from institutional investors more than the final week. Retail participation continues to stay powerful even though and futures extended open interest for Retail continued to be slightly above final month at 550k lots. Financials and Energy sectors have been leaders more than the final week, even though Consumer Staples & Discretionary sectors have been laggards. Looking ahead, a sharp rise in US Treasury yields and choose up in commodity costs would have damaging implications for foreign flow into bonds, and some collateral influence on INR as nicely. In this context, one can anticipate more defensive sectors to stay nicely-bid in the close to term.
Rohit Singre, Senior Technical Analyst at LKP Securities
Index opened a day with a gap down & managed to hold its bearish steam all through the day and closed a day at 15210 with loss of practically one per cent with forming a bearish candle for the second consecutive day. The index closed a day beneath its powerful help of 15250 which hints now 15250 will the instant hurdle on the greater side and we may possibly see very good move as soon as index decisively move above 15250 odd levels, instant help is now placed at 15140-15090 zone and resistance is coming close to 15300-15380 zone.
Sahaj Agrawal, Head of Research- Derivative at Kotak Securities
Markets have established a medium term uptrend and anticipated to scale 16000 and greater. In the quick term, extended phase of consolidation is anticipated. Immediate help for the index is noticed at 15000 above which 15500-15700 can be tested even though breach can invite a rapid correction. We recommend accumulating frontline stocks on meaningful corrections. IT, FMCG and Energy stocks look desirable even though Metals and Realty could witness consolidation.