The equity indices broke a two-day losing streak and ended higher on August 28 with Nifty at 19,300 amid buying across the sectors barring FMCG and Information Technology.
At close, the Sensex was up 110.09 points or 0.17 percent at 64,996.60, and the Nifty was up 40.20 points or 0.21 percent at 19,306.
On the back of positive global cues, the market started in the green and remained volatile during the day to close with marginal gains.
Top gainers on the Nifty included Power Grid Corporation, Larsen and Toubro, M&M, Cipla and BPCL, while the top losers were Reliance Industries, Hindalco Industries, Adani Enterprises, Nestle India and HCL Technologies.
Except for FMCG and Information Technology, all other sectoral indices ended in the green with realty and capital goods up 1 percent each.
The BSE midcap and smallcap indices also added 0.5 percent each for the day.
A long build-up was seen in GNFC, Indiabulls Housing Finance, Piramal Enterprises, while a short build-up was seen in Mphasis, Persistent Systems and Reliance Industries
Indiabulls Housing Finance, Delta Corp and GNFC witnessed a volume spike of more than 2000 percent in today's session.
Genus Power Infrastructures, Shalby, Federal Bank, Sun TV Network, Suzlon Energy, Eveready Industries, Schneider Electric Infrastructure, Bharat Forge, Parag Milk Foods, MOIL, KPI Green Energy, among others touched their 52-week high on the BSE.
Outlook for August 29
Shrikant Chouhan, Head of Research (Retail), Kotak Securities:
Markets erased most of its intra-day gains to end marginally higher amid profit taking in Reliance Industries counter ahead of the company's AGM. Positive global cues helped local shares end in positive territory, but markets were volatile as mounting concerns over likely interest rate hike by the US Fed in view of higher inflation coupled with stagflation in China and domestic FII flows remaining choppy continue to weigh on sentiment.
Technically, although Nifty cleared the intraday resistance of 19350, it failed to close above the same due to profit booking at higher levels. The index has formed a double bottom formation near the important support level, indicating strong possibility of a pullback rally from the current levels. For day traders, as long as the index is holding 19220, the positive sentiment is likely to continue, above which, the pullback rally till 19400-19450. On the other side, below 19220, the selling pressure is likely to accelerate, and below the same the index could slip till 19150-19120.
Ajit Mishra, SVP - Technical Research, Religare Broking:
Markets started the week on a volatile note and settled with modest gains. After the initial uptick, Nifty inched gradually higher but profit-taking in the final hours trimmed the gains. Consequently, it settled at 19306 levels; up by 0.20%. We saw a mixed trend on the sectoral front wherein realty and pharma posted decent gains while IT and FMCG closed in the red. Meanwhile, buoyancy on the broader front helped the market breadth to stay on the advancing side.
We feel it is a breather after the recent fall and traders should continue with negative bias in the index. At the same time, a mixed trend on the sectoral front would continue to offer opportunities on both sides, so participants should focus on stock selection and maintain a hedged approach.
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