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Wipro, Infosys, TCS, Tech Mahindra, Sun Pharma are among the top gainers on the Nifty, while losers are Bharat Electronics, Tata Motors, Trent, Axis Bank and SBI. Nifty Midcap and Smallcap indices down 1.5 percent each. On the sectoral front, Nifty IT index rose nearly 2 percent, while pharma and private bank indices up 0.5 percent each. On the other hand, realty index shed 4 percent, media, metal, energy, consumer durables, PSU bank down 0.5-1.5 percent.
The Nifty index closed above the crucial resistance zone of 25,500-550 and we expect an upwards trending activity to continue and the Nifty should move towards the next psychological resistance of 26,000 either continuously from the current levels or may be after a minor dip, says Tejas Shah, Technical Research, JM Financial & BlinkX.
Sharda Cropchem’s valuations are probably the lowest in the agrochem industry. The stock is trading at the lower end of its historical P/E multiples. Need more reasons to invest in the stock? Watch this video
Midcaps and small-caps outperformed as the BSE midcap and smallcap indices logged gains of 0.79 percent and 0.74 percent, respectively.
HDFC twins, NTPC, Hero and ITC are gainers while Adani Ports, Tata Motors, Hindalco, Tata Steel and Coal India are losers in the Sensex.
One should trade the Bank Nifty because it has the potential to rally more that the Nifty, Sudarshan Sukhani of S2analytics.com said.
In the US markets, stocks finished slightly lower across the board in lackluster trading session after wavering in a narrow range for most of the session as investors remained cautious amid the ongoing fiscal cliff discussions in Washington. The CBOE volatility index ended above 17.
CNBC-TV18's managing editor Udayan Mukherjee says global cues are going to be at the top of everyone‘s minds heading into expiry week for the April series.
Another day of slaughter on both the stock and the currency markets today. "It is the 9th day on the trot that we are seeing this kind of intense downward price action and even rupee is nudging on the doors of 52," says CNBC-TV18's Udayan Mukherjee.
In an exclusive interview to CNBC-TV18, SP Tulsian of sptulsian.com picks Bharat Bijlee and Philips Carbon as his top picks for the day.
Markets are falling and every investor is looking for a strategy to play out now. Portfolio manager, PN Vijay says it is the time for long term investors, with a time span of at least 12-months to get out and pick selective stocks that have fallen more than the rest of the market.
With a not so great expiry for the market and the deadlock over US debt ceiling still looming large, Nifty has shifted its base to the downside. Reading the market in the volatile conditions, Deven Choksey, managing director of KR Choksey Securities says it is likely to be a range bound market between 5,350 and 5,700 levels.
The market has been quite but volatile within a range between 5,500 and 5,570-5,580 on the first day of this week. CNBC-TV18’s Udayan Mukherjee says that the market has been a bit all over the place but it “tended to bounce back every time it got close to 5,500 levels.”
