After a volatile trading day, the market closed on a negative note. The Nifty struggled a lot to stay above the crucial 5550 mark and ended just at 5553.25, down 21.50 points. The Sensex fell 86.41 points to close at 18423.2.
Midcaps clawed back today while oil and gas stocks added strength to the indices. ONGC (up 2.2 percent), Reliance (up 1.8 percent), BPCL (up 1.5 percent) were major gainers among the oil and gas stocks.
Adding 7.2 percent, Maruti remained the star of the day as broking firms re-rated the stock on lower royalty payments and import cost, denominated in yen. The Japanese currency hit 3-1/2 year low.
Sugar stocks were excited in trade after the cabinet decided to do away with the regulated release mechanism and the obligation of levy on sugar mills. Balrampur Chini gained 3.2 percent while Shree Renuka was up 2.4 percent.
Meanwhile, on the losing side were HDFC, ITC, NTPC, Bharti Airtel and ICICI Bank. ITC was down 2.8 percent at the end of the day as dealers said the company has hiked select cigarette brands' prices by Rs 20 for a pack of 20.
Adani Power cracked 3.7 percent as reports suggested that the Haryana govt has decided to challenge CERC's order on Adani Power. Adani Power had asked for a tariff hike of around Re 1 a unit, which pushes up the cost of power for Haryana discom to around Rs 4 per unit.
The Nifty is consolidating around 5550 after breaching it during the day. Blue chip stocks like L&T, JP Associates, Reliance Industries took a breather in trade today after heavy battering in previous sessions.
The market saw very slight recovery as the Nifty climbed back above 5550 led by Maruti, BPCL & GAIL. The Nifty was at 5563.90 down 10.85 points while the Sensex fell 25.83 points to 18483.87.
The much hyped support level of 5550 for the Nifty by technical analysts has been breached in trade today. The Nifty is now trading at 5540, a level last seen on 20 September last year. FIIs have sold shares worth Rs 700 crore in last two years. One needs to keep an eye on FIIs trading activities in days to come.
The market was still reeling under selling pressures. The Nifty, however, managed to hold the crucial 5550. The Nifty was at 5558.65 down 16.10 points while the Sensex lost 51.56 points to18458.14.
The Sensex is down 50 points after trading flat for first one hour of trade. The Nifty is not making an attempt to past above 200 Day Moving Average. Analysts feel 5500-5550 remains a good support level for the market.
Sugar shares surged in early trade Friday following but the Cabinet decision late yesterday to decontrol sugar sales. But the broader market continued to be under pressure as investors were wary of buying stocks despite the steep correction in prices over the last few sessions.
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