The Indian equity benchmarks snapped their four-day winning run to end lower on March 5 on mixed global cues and selling in information technology and FMCG names in a highly volatile session.
At close, the Sensex was down 195.16 points or 0.26 percent at 73,677.13, and the Nifty was down 49.30 points or 0.22 percent at 22,356.30.
The market started the session on a negative note and extended the losses as the day progressed but buying in the second half narrowed the losses.
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Top Nifty gainers were Tata Motors, Bharti Airtel, Bajaj Auto, SBI and ONGC, while losers were Bajaj Finserv, Bajaj Finance, Nestle India, Infosys and SBI Life Insurance.
Mixed trend was seen on the sectoral front, with auto index up 1.3 percent, PSU Bank index up 2.5 percent and oil & gas, power and realty up 0.5 percent each, while IT and FMCG indices shed 1 percent each.
The BSE midcap index ended flat and the smallcap index shed 0.6 percent.
Among individual stocks, a volume spike of more than 500 percent was seen in Manappuram Finance, Tata Motors, Muthoot Finance.
A long build-up was seen in Samvardhana Motherson International, Tata Chemicals and Vedanta, while a short build-up was seen in Piramal Enterprises, RBL Bank and Bajaj Finance.
More than 200 stocks touched their 52-week high on the BSE including Bosch, Canara Bank, Capri Global, Castrol India, Elgi Equipments, Godfrey Phillips, JSW Holdings, Kirloskar Brothers, LIC Housing Finance, Samvardhana Motherson International , Schneider Infra, SMS Pharma, Tata Investment Corp, Tata Motors, Tata Motors DVR, TVS Motor, Union Bank, among others. Click here for the full list
Outlook for March 6
Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas
The Nifty opened on a flat note and drifted lower during the first hour of the trading session. It recovered during the second half though closed in the red down ~49 points. On the daily charts we believe that the Index is in the process of retesting the breakout of 22300 it gave during last week. The hourly moving averages placed in the range 22369 – 22264 shall act as a crucial support zone and until the Nifty manages to hold on to this zone we can expect a next leg of upmove to resume.
The initial target and immediate hurdle is placed at 22460 – 22530. The hourly momentum indicator has a negative crossover however has reached the equilibrium line indicating that the fall may have matured and once this consolidation has completed the upmove is likely to resume.
Bank Nifty has been clearly outperforming the Nifty and we expect the phenomenon to continue until support from NIFTY IT kicks in. In terms of levels for Bank Nifty, 47350 – 47300 is the crucial support zone while 48000 – 48200 is the immediate hurdle.
Aditya Gaggar Director of Progressive Shares
After a fall in the opening trade, banking stocks led a rally that propelled the Index to recoup its losses but NBFC counters dragged the Index lower to settle at 22,356.30 with a loss of 49.30 points.
Apart from PSU Banks, Auto was the top performer while IT and Media remained on the list of laggards. Buying traction was observed in selected Chemical and Pharma stocks. Mid and Smallcaps corrected and underperformed the Benchmark Index. After testing its strong support of 22,300, the Index has formed another DOJI candlestick pattern which indicates indecisiveness between the bulls and bears. A convincing close above 22,420 is a must to resume its uptrend.
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