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Taking Stock: Small & midcaps outperform; Nifty recovers losses, close above 12,250

Experts are of the view that the market is likely to remain rangebound in the absence of any major triggers, but smart money continues to flow into broader markets.

December 30, 2019 / 05:19 PM IST
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Todays L/H

Indian market witnessed profit-taking at higher levels to close flat on December 30 tracking muted trend seen in other Asian markets amid holiday season. Both Sensex and Nifty recovered losses to close on a mixed note.

Let’s look at the final tally on D-Street --- the S&P BSE Sensex closes 17 points lower at 41,558 while the Nifty50 ended with gains of over 10 points t0 12,255.

Sectorally, the action was seen in telecom, autos, metals, and healthcare stocks while profit-taking was recorded in IT, banks, and finance stocks.

The NiftyBank which hit a record high of 32,613.10 failed to hold on to the momentum and closed in negative weighed down by losses in PNB, Bank of Baroda, YES Bank, ICICI Bank, and Axis Bank.


The broader markets outperformed as BSE Midcap and Smallcap ended with gains of 0.3 percent and 0.8 percent respectively. The sectoral indices exhibited a mixed trend.

Experts are of the view that the market is likely to remain rangebound in the absence of any major triggers, but smart money continues to flow into broader markets.

"Market was range-bound, premium valuation and lack of fresh triggers influenced investors to take a cautious approach on heavyweights. But the reasonable valuation of mid & small caps attracted inflows leading to outperformance in the broad market,” Vinod Nair, Head of Research at Geojit Financial Services told Moneycontrol.

“We expect this polarised valuation not to sustain, there could be a shift of money from the overvalued largecaps to midcaps in 2020,” he said.

Nifty gainers – Sun Pharma, Vedanta, Eicher Motors, and Tata Motors

Nifty losers – Axis Bank, ICICI Bank, SBI, and Yes Bank

Stocks & Sectors:

Sectorally, the S&P BSE Auto index rose 1.3 percent, followed by the S&P BSE Metal Index which rose 1.2 percent, and the Telecom index was up 1.05 percent.

The S&P BSE IT index was down 0.29 percent, followed by the S&P BSE Bankex which fell 0.26 percent, and the Public Sector was down 0.14 percent.

Volume spike of 100-200 percent was seen in stocks like Cummins India, Tata Motors DVR, Adani Power, Tata Motors, and Bata India.

Long Build up – MindTree, Bata India, PVR, Coal India

Short Buildup – Cummins India, Canara Bank, Piramal Enterprises

More than 60 stocks hit a fresh 52-week high that includes names like Bajaj Finance, SRF, PVR, Muthoot Finance etc. among others.

Meanwhile, as many as 150 stocks hit a fresh 52-week low that includes names like  TCNS Clothing, Prince Pipe, Cochin Minerals, Spectrum Food, etc. among others.

Stocks in news:

Share price of Gateway Distriparks added 12 percent after the company decided to sell its entire stake in Snowman Logistics.

Oricon Enterprises share price rose 5 percent after the company prepaid the term loan to Indiabulls Housing Finance.

Skipper gained 9 percent after the company became the first company in India to have successfully designed, fabricated and type tested a 765 KV S/C Monopole.

Punjab & Sind Bank share price shed 5 percent after CARE revised its rating outlook to negative from stable.

Technical View:  

The Nifty50 closed flat with a positive bias to make a small bearish candle on the daily charts resembling a Hanging Man pattern.

It bounced back near its 5-Days EMA placed around 12,223.

The index is just 38 points away from hitting fresh record highs.

It remains critical for the index to sustain above 12,213 levels for the bulls to retain their hold on D-Street

If bulls manages to push the index beyond 12,293 levels then the said index can head into the critical resistance point placed around 12350 levels.

Traders are advised to remain neutral on the long side but they can shift their focus towards stock-specific opportunities, suggest experts

Three levels to track – 12213, 12293, 12350

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Kshitij Anand is the Editor Markets at Moneycontrol.
first published: Dec 30, 2019 04:27 pm
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