Taking Stock | Market Ends Flat Amid Volatility; Metal, PSU Banks Drag
Broader markets ended mixed on another volatile day of trade. The BSE midcap index was up 0.4 percent and the smallcap index closed 0.2 percent lower... Read More
| Index | Prices | Change | Change% |
|---|---|---|---|
| Sensex | 84,812.53 | -88.18 | -0.10% |
| Nifty 50 | 25,943.50 | -16.00 | -0.06% |
| Nifty Bank | 58,816.15 | -19.20 | -0.03% |
| Biggest Gainer | Prices | Change | Change% |
|---|---|---|---|
| Bharat Elec | 409.60 | 5.80 | +1.44% |
| Biggest Loser | Prices | Change | Change% |
|---|---|---|---|
| TATA Cons. Prod | 1,168.50 | -17.50 | -1.48% |
| Best Sector | Prices | Change | Change% |
|---|---|---|---|
| Nifty PSU Bank | 8430.95 | 65.20 | +0.78% |
| Worst Sector | Prices | Change | Change% |
|---|---|---|---|
| Nifty IT | 36774.20 | -263.70 | -0.71% |
Continuing with the positive momentum from the last week, the Nifty attempted to stretch higher. It extended beyond the 50% retracement of the fall from 18604 to 17613; however stumbled near the 61.8% retracement.
The Golden Ratio mark is at 18225. The hourly chart shows that upper end of a rising channel also acted as a barrier for the day. The bulls need to take out these barriers in order to head higher. Once the level of 18225 is crossed then the index can march towards 18400. Till then there is scope for a retest of the near term support at 18000.
Markets traded volatile and ended almost unchanged amid mixed cues. Upbeat global cues triggered a firm start but profit taking across sectors trimmed the gains as the day progressed. Consequently, Nifty closed around 18,109; +0.04%. Among the sectors, metals, telecom and capital goods ended with losses whereas consumer durables and IT ended with gains.
Markets are broadly in a consolidation phase so the prevailing volatility is normal. In absence of any major domestic event, global cues will dictate the trend in the coming sessions. Participants should focus more on overnight risk management and maintain extra caution in the selection of stocks.
Markets showed a very muted performance in today's trading session, staying at a very flattish zone throughout the day. The day was marked by the strong listing gains showcased by Sigachi Industries listing at gains of about 270% from the issue price of Rs 163 and ending the debut trading day at Rs 598.50.
Among the other IPO's PolicyBazaar debuted with gains of 22.7% while SJS Enterprises with a loss of 5.8%. Also ONGC declared results after market hours on Friday and posted the highest ever quarterly profits by an Indian corporate ever, profits stood at 18,749 crores on back of adoption of change in corporate tax scheme.
Also wholesale inflation numbers were out for the month of October and reported a 12.54% rise on YoY basis. The European markets also stayed at a very flattish note in the opening session. The crude oil also saw a minor correction as US President Joe Biden faced calls for tapping the strategic petroleum reserves to tackle the surging gas station prices in the US.
Since markets are consolidating around the 18,100 zone for quite some time, suggesting good entry points in quality stocks for a long-term basis.
There was profit-taking towards the closing hours as markets erased most of its early gains to end a tad higher from its previous close. On daily charts, Nifty has formed a small bearish candle, which indicates temporary weakness. However, at the same time, the index has been consistently taking support near the 20 days SMA. Also, the index has maintained a higher bottom formation which is broadly positive.
We are of the view that the 20 days SMA would act as a trend decider level for the bulls, and above the same, the uptrend formation could continue up to 18200-18275 levels. On the other hand, the dismissal of 18040 or 20 days SMA could possibly open another correction wave till 18000-17925.
After a positive opening, the benchmark index wiped out its early gains, made low at 18071.30, and settled at 18109.45 while Bank Nifty closed at 38702.35 with a marginal loss of 0.08% in a day.
Technically, the Nifty index moved above the prior swing highs and settled above Middle Bollinger Band formation on the daily chart. Moreover, the index has also shifted above 21-days SMA, which adds positive strength for the coming day. A momentum indicator RSI (14) & Stochastic also suggested positive crossover on the daily timeframe. At present, the index has immediate support at 18,000 levels while resistance comes at 18350 levels.
: Benchmark indices ended on flat note on November 15 amid volatility with selling seen in the metal and PSU banking stocks.
At Close, the Sensex was up 32.02 points or 0.05% at 60718.71, and the Nifty was up 6.70 points or 0.04% at 18109.50. About 1218 shares have advanced, 2038 shares declined, and 145 shares are unchanged.
Power Grid Corp, Cipla, ITC, ONGC and UPL were among the major Nifty gainers, while Coal India, Tata Steel, Hindalco, Eicher Motors and JSW Steel were the top losers.
On the sectoral front, healthcare index rose 2 percent, while metal and PSU bank indices fell over 1 percent each. BSE midcap index was up 0.4 percent and Smallcap index was down 0.2 percent.
Vodafone Idea clarified that the company keeps discussing with various banks its funding and other requirements in the ordinary course of its business, including with State Bank of India who are one of our main bankers.
As of now there is no development, which would require disclosure under the SEBI Listing Regulations. The company shall comply
with its obligations under the SEBI Listing Regulations as and when any such requirement is triggered, it added.
Vodafone Idea Limited was quoting at Rs 10.12, down Rs 0.22, or 2.13 percent.
PI Industries share price added over 3 percent on November 15 after the company declared its September quarter earnings.
The agri-sciences company’s consolidated net profit was up 5.5 percent to Rs 229.60 crore on the back of a 17 percent jump in net sales to Rs 1,354.20 crore in the second quarter this year.
Its on-year revenue growth was driven primarily by 24 percent growth in exports contributed by strong volume growth in key products. Its domestic business growth, however, stayed flat because of global supply chain disruptions impacting imports and adverse weather events in certain herbicide geographies.
Research and broking firm Sharekhan has retained ‘buy’ on PI Industries with an unchanged target of Rs 3,900, an upside of 38 percent from current market price. It is of the view that the recent sharp correction in the stock price from its 52-week high of Rs 3,533 provides a good investment opportunity as the company’s strong balance sheet provides ample scope for organic and inorganic growth over the medium to long term.
Benchmark indices were trading with marginal gains amid volatility.
The Sensex was up 97.97 points or 0.16% at 60784.66, and the Nifty was up 21.40 points or 0.12% at 18124.20. About 1215 shares have advanced, 1963 shares declined, and 118 shares are unchanged.
