Indian benchmark indices again failed to hold the higher (intraday) levels and ended with marginal gains in the rangebound session on October 10 with Nifty closing in green but below 25,000, led by gains in metal and banking stocks.
On the back of positive global cues, the market opened higher and remain in the positive territory throughout the session, ahead of US inflation data later in the day.
At close, the Sensex was up 144.31 points or 0.18 percent at 81,611.41, and the Nifty was up 16.50 points or 0.07 percent at 24,998.50.
BSE Sensex and Nifty 50 indices erased 391 points and 135 points from their day's high, respectively.
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Top Nifty gainers were Kotak Mahindra Bank, HDFC Bank, Bharat Electronics, Maruti Suzuki and Power Grid Corp, while losers were Cipla, Trent, Tech Mahindra, Sun Pharma and Hero MotoCorp.
On the sectoral front, IT index down 1 percent, pharma index down 2 percent and realty index shed 0.4 percent, while bank index up 1 percent, power index was up 0.7 percent and metals index added 0.3 percent.
The BSE midcap index was down 0.3 percent, while smallcap index was up 0.4 percent.
More than 120 stocks touched their 52-high on the BSE, including, Apar Industries, Atul, CG Power, Coforge, Dixon Technologies, Dr Lal PathLab, Glenmark Pharma, Gujarat Alkalies, Gujarat Fluorochemicals, HCL Technologies, Hitachi Energy, Ipca Labs, MCX India, Metropolis Healthcare, Page Industries, Polycab India, Symphony, Tech Mahindra, Torrent Pharma, Whirlpool, among others. Click To View More
Outlook for October 11
Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas
Nifty opened with gains, however it could not continue with the positive momentum and traded within a range to close marginally in the green with a rise of 25 points. On the daily charts we can observe that the Nifty is in the process of retracing the 1,500 fall. We believe that the retracement is not complete and there is more steam left for the upside towards 25,350 – 25,500. Thus, this current consolidation phase should be used as a buying opportunity. Crucial support zone is placed at 24,900 – 24,850 and should be kept as a stop loss for the long positions.
Bank Nifty witnessed a pullback to the key hourly moving averages (51,700 – 51,800) zone. We expect the pullback to continue on the upside and towards 52,000 – 52,400. The upmove is likely to be slow and gradual as there is selling pressure coming in at higher levels. Overall, we believe that the index is likely to trade with a positive bias and, hence, this intermediate correction should be considered as a buying opportunity.
Aditya Gaggar Director of Progressive Shares
Indian equities commenced the weekly expiry day on a firm note and compounded the morning gains but once again failed to hold on and remained rangebound for the rest of the session and settled at 24,998.45 with gains of 16.5 points. A mixed trend was seen among the sectors where Bank Nifty was the top gainer followed by Metal while IT and Pharma corrected the most.
Divergence was observed in the broader markets where midcaps ended in red while smallcap stocks outperformed the benchmark indices. Nothing has changed i.e. support and resistance are very well-placed i.e. 24,900 & 25,200, and breakout on either sides will provide a clear picture.
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