April inflation nos spook market; Nifty ends below 5500
With every passing day, the hope of a pullback rally, which started six trading sessions back for the market, seems to be fading. The petrol price hike coupled with discomforting inflation numbers haunted markets today.
With every passing day, the hope of a pullback rally, which started six trading sessions back for the market, seems to be fading. The petrol price hike coupled with discomforting inflation numbers haunted markets today.
The immediate resistance level for the Nifty now appears to be 5600. Crude again dipping below 100 levels was the only positive cue one can take going ahead. The markets opened on a weak note echoing weak Asian and European markets. Rate sensitives like auto, banks and realty were trading edgy before inflation numbers. April inflation data provided spunk for the bears and dragged markets even lower.The Sensex shut shop at 18345.03 down 186.25 points or 1.01% and the Nifty closed at 5497.35, down 47.40 points or 0.85%. The breadth of the market was also sluggish. About 1101 shares advanced, 1719 shares declined, and 821 shares remain unchanged. Nifty gainers: Ranbaxy Labs, Hero Honda, Sun Pharma, Ambuja Cements and Sesa Goa up 1-6%. Nifty losers: Jaiprakash Associates, Siemens, DLF, Bajaj Auto and Tata Steel were down 2.5-3%.Top percentage gainers on the BSE: Halonix, Mediaone Global, Cravatex, Sabero Organics and Renaissance Jewellery were up 20% each.Top percentage losers on the BSE: Excel Crop Care, Kinetic Eng, Trend Electron, Yuken India and Paramount Print were down 10-16%.The most active shares on NSE were SBI, Tata Motors, Glenmark, Infosys and ONGC.Broader markets- Midcap gainers: Glenmark, Sun Pharma Adv, MVL, Wockhardt and Guj Flourochem were up 4-11%.Midcap losers: CMC, Essar Shipping, GlaxoSmith Con, M&M Financial and Sunteck Realty were down 5-6%.Smallcap gainers: Halonix, Saint-Gobain, Riddhi Siddhi Gluco Biols, Ajanta Pharma and Gati were up 5-15%.Smallcap losers: Excel Crop Care, Parenteral Drug, Empee Sugars, Rain Commodities and English Indian Clays were down 9-15%.Sectoral check: BSE realty, metal, bankex and FMCG indices were down over 1% each. In the realty space, Anant Raj Ind, Sunteck Realty, DLF, Mahindra Life and Unitech were down 2-5%.IndusInd Bank, Canara Bank, Kotak Mahindra, PNB and IDBI Bank cracked 2-3% in the banking sector. Defensive sector FMCG too fell in the bear trap today. Tata Global Bev, ITC, Marico and HUL lost in the range of 1-2%.Buzzing Stock: Glenmark Pharma sparkled 11.54% in trade today. Glenmark Pharma signed licensing deal with Sanofi today. The company will receive upfront payment of USD 50 million. The deal is for commercialisation of GBR 500, reports CNBC-TV18.F&O Action: Nifty April futures added 10.7% in open interest on short side. The volatility indicator, India VIX ended at 21.46, up 4%. Nifty open interest Put Call Ratio stands at 0.97 versus 1.03. Nifty 5500 call added 70% in open interest clearly indicating huge call writing. It will take some valiant effort for the bulls now to break 5500-5600 range on the upside for May series.Technical view: "Directionally it seems to very clear the market is continuing to look sideways to negative and most Nifty traders at this point would still like to prefer taking shorts and at this point don
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