The 50-share NSE Nifty was consolidating at around the 5,900 mark since the beginning of trade today at 14:11 hours. Even there was no major cue from the global markets.
The Nifty may remain in a range of 5860-5960, says Technical Analyst, Vijay Bhambwani.
"The coming session is likely to witness a resistance at the 5960 levels on advances. Support is likely at the 5860 below which the 5800 maybe tested. The bullish pivot for the session is likely at the 5900 levels above which the Nifty must stay throughout the session," he said.
Technology and private banks stocks were under selling pressure. Bharti, ITC and L&T too were down. However, power, realty and select auto companies' shares were on buyers' radar. SBI, ONGC and HUL gained.
Realty was showing outstanding performance today, with soaring nearly 3%. Ackruti City, Anant Raj Inds, DLF, Godrej Prop, Indiabulls Real, Mahindra Life, Orbit Corp, Parsvnath, Peninsula Land and Phoenix Mills rallied 1-4%. Unitech shot up 5.76% and HDIL surged 7%.
The Sensex was trading at 19,618, down 68 points and the Nifty was at 5,889, down 20 points. However, broader indices were outperforming benchmarks - the BSE Midcap Index was up 0.6% and Smallcap up 0.9%.
Largecaps
Wipro, Hindalco, Bharti Airtel, ITC, M&M and Kotak Mahindra Bank were the top losers, losing 1-2%. Cairn India was the leading dragger on Nifty, with falling over 4%.
However, Reliance Infrastructure, Tata Motors, Hero Honda, DLF, NTPC, BPCL, GAIL and Reliance Power were top gainers, with rising 1-2%. Sesa Goa rallied 3.49%.
Most active shares on exchanges were BF Utilities, Reliance Industrial Infra, SBI, Mahindra Satyam, Sesa Goa, Tata Motors, ICICI Bank and Suzlon Energy.
In midcap space, Jai Corp surged 12.5%. Wockhardt, Stride Arcolab, SpiceJet and Polaris gained 8-10%. However, Himadri Chemical, Fresenius Kabi, OnMobile Global, Allcargo Global and Eicher Motors lost 2.5-4%.
In smallcap space, Shri Lakshmi jumped 14%. Heritage Foods, ITI, Shasun Pharma and Reliance Industrial Infra were up 8-9%. However, Gravita India, Lloyds Metals, R M Mohite, Henkel India and Ontrack Systems fell 5-9%.
About 1803 shares advanced as against 1084 shares declined on the Bombay Stock Exchange.
_PAGEBREAK_
Nifty choppy: Rel Infra, Hero Honda top gainers
The Nifty is trading lower and hovering around 5900 mark. IT, FMCG and banking stocks are also weak. However, realty and power stocks have witnessed buying interest.
HDFC, SBI, Tata Motors, NTPC, ONGC are positive contributors to the Sensex while Reliance, Infosys, ICICI Bank, Wipro and TCS are negative contributors.
At 12.55 hrs IST, the Sensex was down 33.42 points or 0.17% at 19653.40, and the Nifty was down 8.60 points or 0.15% at 5901.45.
About 1685 shares advanced, 1125 declined, and 818 shares unchanged.
Top gainers on the Sensex were Reliance Infra at Rs 697.60 was up 1.78%, Hero Honda at Rs 1,664.10 was up 1.15%, NTPC at Rs 189.90 was up 1.06%, DLF at Rs 271.35 was up 0.91% and Tata Motors at Rs 1,291.40 was up 0.90%.
Top losers on the Sensex were Wipro at Rs 470.95 was down 1.92%, Hindalco at Rs 212.30 was down 1.6%, Bharti Airtel at Rs 354.70 was down 1.46%, ITC at Rs 182.10 was down 1.09% and M&M at Rs 725 was down 1.06%.
Cigarette major ITC was trading at Rs 182.10 down 1.09% from its previous close of Rs 184.10.
Refinery major HPCL was trading at Rs 355.10 up 1.65% from its previous close of Rs 349.35.
_PAGEBREAK_
Nifty in tight range; Sesa Goa, BPCL, Reliance Infra gain
Indian equity benchmarks were extremely volatile in trade today. The Nifty has been in a trading range of 5860-5900 since yesterday. The sell-off in heavyweights like ITC, Bharti Airtel, HDFC Bank, Reliance Industries, L&T, NTPC and ICICI Bank weighed on the market at 11:47 hours.
Technology stocks too were witnessing profit booking - TCS fell 1% and Wipro tanked 2%. Infosys was down just 0.25%. Reliance Communications was down more than 1% after 3% rally seen yesterday.
However, indices were getting support from SBI, BHEL, Tata Motors, Hero Honda, DLF, ACC, Reliance Infrastructure, ONGC and Grasim. Sesa Goa was the top gainer, with rising more than 3%. IDFC, BPCL and GAIL too were gainers.
The 30-share BSE Sensex was trading at 19,655, down 31 points and the 50-share NSE Nifty fell 10 points to 5,900.
Jaideep Goswami, Head of Equities at Daiwa Capital Markets said that peaking crude rates will have a substantially negative impact on the market. Moreover, there are concerns over monetary tightening as RBI may again hike policy rates in a bid to control inflation. Hence, he feels that the market seems to be a bit near-term overweight due to these issues.
However, the broader indices continued to outperform benchmarks - the BSE Midcap and Smallcap indices were up over 0.6%.
Hiren Ved, Director and CIO, Alchemy Capital Management said that broader market is poised for a further rally as liquidity has improved dramatically.
However, rising crude price still remains to be a significant concern for Indian market. London Brent crude was trading close to USD 122 a barrel.
In midcap space, Jai Corp, Wockhardt, Stride Arcolab, Tube Investment and SpiceJet gained 6-13%. However, Fresenius Kabi, Himadri Chemical, Tulip Telecom, Allcargo Global and Raymond lost 2-4%.
In smallcap space, Shasun Pharma, Seamec, Indosolar, Shri Lakshmi and Reliance Industrial Infra rallied 8-9%. However, Gravita India, Kama Holdings, R M Mohite, Henkel India and Shri Ganesh slipped 5%.
Nifty below 5900; TCS, Bharti, ITC, RIL slip
The benchmark Nifty slipped in the red amid a choppy trade. It has been in a consolidation mode for the second consecutive session today despite rising crude oil prices at 10:40 hours. It shrugged off rising Asian markets.
A bit of profit booking was seeing in heavyweights like Bharti Airtel, ITC, Reliance Industries and L&T. Technology and financial companies' shares too were dragging the Nifty below 5900 level.
But there was no significant sell-off in the markets today as compared to buying in previous two weeks due to support of inflow of funds from foreign investors. Investors as well as traders have been using a strategy of buying on every dip.
JP Morgan has upgraded India to Overweight. The reasons behind this upgrade are three macro drivers: Decline in headline inflation; Normalization of the yield curve; and progress in passing legislation post 2010 corruption stalemate. The group has rated China as Neutral and downgraded Hong Kong to Neutral. They remain Underweight on Korea.
The 30-share BSE Sensex was trading at 19,596, down 90 points and the 50-share NSE Nifty fell 28 points to 5,881. Even the premium of Nifty April futures was down to 12 points from 21 points.
However, buying continued in ONGC, Sesa Goa, BHEL, Grasim, ACC, Sterlite, HUL and JSPL. Auto stocks too were on buyers' radar.
In midcap space, Stride Arcolab, Wockhardt, Jai Corp, eClerx Services and Tube Investment gained 5-11.5%. However, Essar Shipping, JM Financial, Fresenius Kabi, Den Networks and Man Infra lost 3-5%.
In smallcap space, Magma Fincorp, Sahara One, EIH Associated Hotel, Hinduja Foundries and Visa Steel rallied 6-7%. However, Lloyds Metals, Garware Offshore, Kama Holdings, R M Mohite and Henkel India lost 5-6%.
London Brent crude was trading at USD 121.77 a barrel, down 0.3% from previous closing value. NYMEX crude was trading above USD 108 a barrel.
"I expect Brent to remain on the uptrend. Technically, it is possible for Brent to go to USD 125 a barrel within this week." said Ken Hasegawa, commodity derivatives manager at Japan's Newedge brokerage.
"When Brent moves to USD 125, WTI could go above USD 110, although there is a small resistance now towards that level. After WTI goes above USD 110, it may accelerate and move towards USD 115 a barrel next week."
(With inputs from Reuters)
Nifty trades with moderate gains; Sesa Goa top gainer
Indian equity benchmarks were positive with moderate gains in opening trade today despite rising crude oil prices on Middle East tensions. Asian markets too were quite supportive. The Nifty was inching towards 5950 level.
Buying was seen in metal, Auto, cement, telecom, Anil Dhirubhai Ambani Group, power and select financial companies' shares.
Hemen Kapadia, chartpundit.com is positive that as long as we remain above 5920 in terms of Nifty Futures one can expect the rally to continue.
Among frontliners, Maruti Suzuki, Sesa Goa, Grasim, ONGC, Hindalco, Hero Honda, Cairn, Jaiprakash Associates and BHEL were leading markets with moderate gains.
Sesa Goa rallied another 4.5% after the Supreme Court ordered lifting of Karnataka iron ore export ban from April 20.
However, Sun Pharma, Ranbaxy, Kotak Mahindra Bank, HDFC Bank, Axis Bank, Infosys and ITC were witnessing selling pressure.
At 9:18 hours IST, the 30-share BSE Sensex was trading at 19,742, up 55 points and the 50-share NSE Nifty rose 12 points to 5,922.
The Nifty April futures were trading at 16 points premium.
The CNX Midcap went up 26 points to 8,332. About 684 shares advanced as against 217 shares declined on National Stock Exchange.
Midcap & Smallcap Space:
AP Paper was locked at 5% upper circuit. Circuit has been reduced from 20% to 10% and finally to 5%.
Bombay Rayon was up 1% on open offer news.
Everest Kanto, Pipavav Shipyard, Hathway Cable and Patel Engg rallied 2-4%.
However, Punj Lloyd was down 1% and OnMobile Global down 0.5%.
Global cues
Asian markets were trading higher. Shanghai, Hang Seng and Straits Times were up 0.2-0.8%. Taiwan went up 1.4%. However, Nikkei and Kospi were flat with a negative bias.
The US markets ended flat amid China hiking rates and increase in crude prices. ISM Service Index disappointed.
The Dow Jones Industrial Average ended down 6 points at 12,394. The NASDAQ Composite was up 2 points at 2,791 and S&P 500 Index ended flat at 1333.
China hiked rates by 25 bps - second time in 2011 and fourth since October 2010.
Commodities
May silver contract was up 1.9% at USD 39.18 per ounce - fresh 31 years high.
June gold contract went up 1.4% at USD 1451.80 a ounce after hitting new all-time high at USD 1455.50 per ounce
Gold & silver railed post Portugal's downgrade at Moody's and the rate hike in China
May crude oil contract was down 0.1% at USD 108.34 per barrel
May natural gas contract fell 1.2% at USD 4.23 per MMBtu
F&O cues:
Total Futures Open Int up Rs 603 crore, Total Options Open Int up Rs 4173 crore
Total stock futures Open Int add 7.4 crore lakh shares in Open Int
Nifty futures Open Int shed 1 lakh shares in Open Int, premium down to 22 pts from 35 pts
Nifty Open Int PCR up at 1.41 versus 1.46
Total Put adds 26.65 lakh shares, call adds 35.55 lakh shares
Highest Open Int outstanding at 6000 call, 5400 put and 5700 put
Nifty 5900 call adds 15.88 lakh (52%) shares in Open Int
Nifty 6000 call adds 9.35 lakh (18%) shares in Open Int
Nifty 5700 put adds 5.52 lakh (11%) shares in Open Int
Nifty 5800 put adds 4.53 lakh (10%) shares in Open Int
Nifty 6100 call adds 4.28 lakh (16%) shares in Open Int
Nifty May 5600 put adds 3.29 lakh (122%) shares in Open Int
Nifty 5600 call sheds 2.11 lakh (16%) shares in Open Int
Nifty 5000 call sheds 1.68lakh (29%) shares in Open Int
Nifty 5500 call sheds 1.52 lakh (11 %) shares in Open Int
India VIX down 0.80% at 19.90
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
