Benchmark indices ended marginally lower after yet another volatile session that saw Sensex fall by 29.47 points or 0.04 percent to 75,967.39, and the Nifty 50 lower by 14.20 points or 0.06 percent at 22,945.30, on February 18.
BSE Midcap index ended down 0.2 percent, rising sharply from early lows, and smallcap index ended 1.7 percent lower.
Mixed cues from Asian markets led Indian indices to open on a quiet note and trade in a range, with investors cautious ahead of the FOMC meeting minutes, slated to be released tomorrow. The key indices recovered from early weakness, with Nifty 50 managing to sustain above 22,900.
Trent, IndusInd Bank, M&M, UltraTech Cement, Bharat Electronics were among the top losers on the Nifty, while gainers included Tech Mahindra, Wipro, ONGC, Power Grid and NTPC.
Among sectors, Pharma, FMCG, Media, PSU Bank, Consumer Durables fell between 0.5-1 percent, while IT, Power, Oil & Gas index up 0.5% each.
More than 780 stocks touched their 52-week low on the BSE, including Carborundum Universal, Swan Energy, Data Patterns, Sun Pharma Advanced, Mishra Dhatu Nigam, KIOCL, Birla Corp, Natco Pharma, MMTC, BEML, BHEL, Tanla Platforms, JBM Auto, AU Small Finance, Elgi Equipments, Sterling Wilson, Sammaan Capital, UCO Bank, among others. Click here to view more
Outlook for February 19
Aditya Gaggar Director of Progressive Shares
| Index | Prices | Change | Change% |
|---|---|---|---|
| Sensex | 85,106.81 | -31.46 | -0.04% |
| Nifty 50 | 25,986.00 | -46.20 | -0.18% |
| Nifty Bank | 59,348.25 | 74.45 | +0.13% |
| Biggest Gainer | Prices | Change | Change% |
|---|---|---|---|
| Wipro | 254.69 | 4.52 | +1.81% |
| Biggest Loser | Prices | Change | Change% |
|---|---|---|---|
| Max Healthcare | 1,086.00 | -31.50 | -2.82% |
| Best Sector | Prices | Change | Change% |
|---|---|---|---|
| Nifty IT | 37825.30 | 284.00 | +0.76% |
| Worst Sector | Prices | Change | Change% |
|---|---|---|---|
| Nifty PSU Bank | 8253.20 | -261.70 | -3.07% |
The market saw a mixed performance, with the support level of 22,800, once again proving its strength. After a muted start, the Index experienced a sharp decline, primarily driven by weakness in the Midcap and Smallcap segments, which led to retest of 22,800 levels. However, from mid-session onwards, the Index started to recover from the lower levels, eventually finishing the trade at 22,945.30 with a marginal loss of 14.20 points.
On the sectoral front, IT and Energy sectors emerged as top performers, while FMCG and Auto sectors saw corrections of over 0.60%. In the broader markets, Midcaps performed in-line with the benchmark Index, while Smallcaps underperformed with a loss of more than 1.50%.
Going forward, sideways trading is expected to persist as long as the Index remains within the range of 22,800-23,100. A breakout on either sides of this range will be essential for determining the next directional move in the market.
Rupak De, Senior Technical Analyst at LKP Securities
Nifty witnessed another day of volatility as the index failed to take a clear direction. In the short term, Nifty might remain a 'sell on rise' as long as it stays below 23,150. Support is placed at 22,800, and a fall below this level might trigger further correction. Immediate resistance is placed at 23,000.
Disclaimer: The views and investment tips expressed by investment 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.
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