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Taking Stock: Market narrows losses but closes in the red again; PSU bank, metal, realty drag

Among sectors, Nifty metal and PSU bank indices fell 1-2 percent, while buying was seen in auto, energy, infra and pharma names

November 10, 2021 / 04:44 PM IST

The Indian market ended in red after yet another day of volatile trade on November 10, with selling seen in realty, metal and public sector banking names.

At close, the Sensex was down 80.63 points, or 0.13 percent, at 60,352.82, and the Nifty was down 27.10 points, or 0.15 percent, at 18,017.20.

"Broadly, domestic market continued to trade negative after a disappointing opening as inflation worries affected the global markets,” said Vinod Nair, Head of Research at Geojit Financial Services.

China’s CPI rose 1.5 percent year-on-year, while the producer price index rose by 13.5 percent YoY owing to imported inflation and domestic supply shortages, he said.

The market opened on a negative note and extended the fall as the day progressed but pared losses in the afternoon session that helped the Nifty end the day above 18,000.

Close

Nair said the market trend was mixed on stock to stock basis.

"Globally investors are awaiting the release of the US inflation data due later today, which is expected to continue at peak levels," he added.

The BSE midcap index shed 0.5 percent and smallcap index ended on flat note.

IndexPricesChangeChange%
Sensex57,107.15-1,687.94 -2.87%
Nifty 5017,026.45-509.80 -2.91%
Nifty Bank36,025.50-1,339.25 -3.58%
Nifty 50 17,026.45 -509.80 (-2.91%)
Fri, Nov 26, 2021
Biggest GainerPricesChangeChange%
Cipla966.7066.75 +7.42%
Biggest LoserPricesChangeChange%
JSW Steel628.65-52.25 -7.67%
Best SectorPricesChangeChange%
Nifty Pharma13797.10230.60 +1.70%
Worst SectorPricesChangeChange%
Nifty Metal5323.75-300.25 -5.34%

IndusInd Bank, Hindalco Industries, Tata Steel, Coal India and JSW Steel were among the major Nifty losers, while gainers were UPL, Bharti Airtel, M&M, Britannia Industries and Sun Pharma.

Among sectors, Nifty Metal and PSU Bank indices fell 1-2 percent, while buying was seen in auto, energy, infra and pharma names.

Stocks and sectors

On the BSE, the metal index shed 2 percent and the realty index fell 1.6 percent. Auto and oil & gas indices added 0.5 percent each.

Among individual stocks, a volume spike of more than 400 percent was seen in the Multi-Commodity Exchange of India, APL Apollo Tubes and Strides Pharma Science.

Long buildup was seen in GSPL, Berger Paints and PFC, while short buildup was seen in BHEL, Strides Pharma Science and Bosch.

More than 200 stocks, including ACC, BEML, HPCL and  Jamna Auto Industries, hit a 52-week high on the BSE.

Technical View

The Nifty formed a small-bodied bullish candle on the daily scale and closed with losses of around 27 points.

The index has to hold above 18,000 for a move towards 18,150 and 18,350. On the downside, the index has major support at 17,850 and 17,777, said Chandan Taparia, Vice President | Analyst-Derivatives at Motilal Oswal Financial Services.

Outlook for November 11

Palak Kothari, Research Associate, Choice Broking

Technically, the Nifty has just settled above the Pivot Point, indicating a bounce-back movement in the counter.

The Swing Index and the momentum indicator have come out of negative zones on the four-hourly time frame, indicating an uptrend.

The stochastic indicator witnessed a positive crossover. The index has support at 17,850 and resistance at 18,130.

Sahaj Agrawal, Head of Research-Derivatives, Kotak Securities

The Nifty has been in a consolidation phase for the past few trading sessions. The health of the broader market has improved with midcap participation. We expect the uptrend to resume for 18,700-19,000 on the higher side.

Any corrective dips should be bought into as the trend remains positive. IT, metals, and select FMCG stocks look attractive.

Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments

The index was unable to go past 18,100, which is a critical juncture at this point in time. If the Nifty can keep above 18100 for a couple of sessions, it can move to 18,400 and then 18,600.

The level of 17,700-17,800 has emerged as the new support.

Disclaimer: The views and investment tips expressed by experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
Rakesh Patil
first published: Nov 10, 2021 04:44 pm

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