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Last Updated : Jul 20, 2018 03:26 PM IST | Source:

Podcast | Nifty ends flat but holds 11K, Sensex gives up all of its gains

The index still held its previous day's intraday low, which indicated that bulls have not given up yet and the market may resume its upward journey soon to hit earlier record highs, experts said.

Moneycontrol News @moneycontrolcom

The market took a breather on last day of the week as benchmark indices closed in the red on Friday after rallying sharply in the previous session.

Frontline indices opened on a positive note but wiped out those opening gains in the first hour of trade itself and traded in a tight range of 30 points on the Nifty for rest of the day.

ICICI Bank, Axis Bank and ITC pushed the market lower but the buying in Reliance Industries, Infosys and HDFC twins capped losses.

The 30-share BSE Sensex was down 6.78 points to close at 36,541.63.

The 50-share NSE Nifty managed to hold 11,000-mark despite volatility , closing 4.30 points lower at 11,018.90.

The index still held its previous day's intraday low, which indicated that bulls have not given up yet and the market may resume its upward journey soon to hit earlier record highs, experts said.

"This pause shall eventually pave the way for a fresh breakout which shall initially lead to the test of life time highs present around 11,171 levels," Mazhar Mohammad, Chief Strategist – Technical Research & Trading Advisory, told Moneycontrol.

He said hence, positional traders are advised to buy the dips and retain positive stance as long as Nifty50 sustains above 10,900 levels on closing basis and look for bigger targets over a period of time.

For the week, the Sensex gained 2.5 percent and the Nifty rallied 2.3 percent.

The broader markets underperformed frontliners with the Nifty Midcap index falling over a percent on weak breadth. About three shares declined for every share rising on the NSE.

Stocks in News

Shares of mutliplexes PVR and Inox Leisure fell by 5-13 percent as the Maharashtra government allowed citizens to carry their own food items inside the cinema halls effective from August 1.

IDBI Bank gained 2 percent after a 7 percent plunge intraday as employees protest to go on strike in the coming week. The 6 day long strike is an action of protest against the bank's acquisition of insurance giant LIC along with other issues such a low-wages.

Infosys ended the day 1 percent higher ahead of its June Quarterly earnings in the post market hours on July 13. While the analysts had a  bullish view, the profit misses estimates and fell  marginally.

Telecom major, Idea Cellular witnessed a 2 percent drop after global research firm, Credit Suisse forecasted a further 17 percent downside and maintained rating as Underperform.

Amidst all the red's today, HDFC Bank hit's a fresh 52-week high closing 1 percent higher ahead of its board meeting on July 17 to consider and approve the issue price for equity shares under preferential allotment.

Fortis Health ended over 3 percent higher after the news of the company accepting a bid from Malaysian Healthcare, IHH to invest Rs 4,000 crores by way of preferential allotment at a price per share of Rs 170 per share as the winning bid.

Global Update

Asian markets closed higher following positive handover from Wall Street. Investors also bet on shrugging off of concerns on the trade war front. The Nikkei 225 jumped 1.85 percent to close at 22,597.35.

Meanwhile, European stocks were higher on good handover from Wall Street as well as strong earnings expectations in the US earnings. Stoxx 600 was up around 0.4 percent.
First Published on Jul 13, 2018 04:56 pm
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