Nifty snaps 8-day winning streak; midcaps, smallcaps shine
Indian equity benchmarks snapped eight-day winning streak on Friday to close the session on a flat note with a negative bias. Indices were in a consolidation mode since the beginning of trade today.
April 01, 2011 / 17:54 IST
Indian equity benchmarks snapped eight-day winning streak on Friday - first day of FY12 - to close the session on a flat note with a negative bias. Indices were in a consolidation mode since the beginning of trade today, which was imminent after that 1600 points rally on the Sensex in previous eight sessions led by more than USD 2 billion worth of shares buying from foreign institutional investors.
Experts were expected profit booking today but that was seen in select stocks only. Financial and technology companies' shares witnessed profit booking. Heavyweights Reliance Industries, NTPC, Bharti Airtel, HUL and L&T too were on sellers' radar.However, metal, ADAG stocks and select auto companies' shares witnessed buying interest. Heavyweights BHEL, ONGC, HDFC and ITC too were quite supportive.The 30-share BSE Sensex fell just 24.83 points, to close at 19,420.39 and the 50-share NSE Nifty declined 7.7 points, to settle at 5,826.05. But the broader indices smartly outpaced the benchmarks - the BSE Midcap Index jumped 1.6% and Smallcap rallied 2.2%. Breadth was quite strong - about 1048 shares advanced as against 260 shares declined on the NSE.As far as the broader markets are concerned may be there could be quite a few earnings surprises coming along, says Vivek Mavani, Vice President and Senior Portfolio Manager, Brics Securities. "Most of those stocks have corrected anywhere from 20-50%, in some cases even 60% in the last 6 months. So valuations have corrected, earnings may just live upto their expectations and so it
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