The Nifty closed the day on a strong note. The pullback rally, which started on Friday, further gained momentum today and recovered nearly 200 points in last two trading sessions. The Nifty found good support around 5700-mark.
Realty stocks led the rally for markets in trade today. BSE Realty Index was up close to 3%. Heavy buying was also seen in power, metal, capital goods and PSU stocks. All BSE sectoral indices ended in green barring FMCG.
The broader markets outperformed largecaps in terms of recovery today. BSE Midcap and Smallcap index were up 1.8% and 2.1% respectively.
The Sensex shut shop at 180.06 points or 0.92% at 19688.95, and the Nifty ended up 50.30 points or 0.86% at 5907.65. About 2040 shares advanced, 918 shares declined, and 502 shares remain unchanged.
Cautioning on investors, Ajay Srivastava, CEO of Dimensions Consulting said that Indian markets will underperform compared to other markets. He said midcap and smallcap space is going to be a liquidity trap for people looking to get in. “They were trapped, if you look at last week; they sold at all kind of prices, you saw the gyrations in the market and it’s going to happen again,” he explained.
According to Srivastava, it is best to look at the less fancied sector like pharmaceuticals, consumer, IT and banks. “Commodities are volatile. Capital goods are in terrible shape,” he added.
Ashish Chugh suggests 3 midcap stocks worth a second look
On Friday, the Nifty recouped more than 130 points from day's low of 5,721.15 and the Sensex surged over 415 points from its intraday low of 19,074.57.
However, Anil Manghnani of Modern Shares & Stock Brokers believed the rally is only a short covering one. "Any rally that you get after a severe fall backed by broken sentiment is normally a short covering rally. The key to look out for is the follow-up.”
He said he would remain positive on the market as long as the Nifty stayed above the 5,700-mark. “I think 6,000-6,050 would be the crucial range for the Nifty,” he adds.
In the largecap space, Reliance Infra, HDFC, DLF, Hindalco, BHEL and Siemens were up 2.7-3.7%. ITC, Mahindra and Mahindra, Hero Honda, Bharti Airtel, Wipro, Ambuja Cements, ACC and Ranbaxy Labs were down 0.4-2.7%.
The most active shares on NSE were SBI, Tata Motors, ICICI Bank, Reliance Industries and Tata Steel.
Top gainers on the BSE Midcap: Sunteck Realty, S Kumars Nation, Emami, KS Oils and JM Financial were up 11-20%.
Top losers on the BSE Midcap: Money Matters, Birla Corp, United Phosphorous, Sterling Inter and GlaxoSmith Consumer were down 3-5%.
Top gainers on the BSE Smallcap: Sequent Scienti, Nitin Fire Protection, Dynamatic Tech, Jindal PolyFilm and OM Metals Infra were up 11-19%.
Top losers on the BSE Smallcap: Twilight Litaka, GSS America Inf, Spectacle Industries, Balkrishna Ind and ITD Cementation were down 5-10%.
In the realty space, Sunteck Realty was locked at 20% upper circuit. Orbit Corp, Indiabulls Real Estate and Anant Raj Inds were up close to 6%. HDIL too gained 4%.
In the power space, Neyveli Lignite, Reliance Infra, NTPC and Tata Power were up 2-4%.
In the metal space, JSW Steel was up whopping 8%. Hindalco and Nalco were up close to 3%. Tata Steel and SAIL were up 2% and 2.5% respectively.
The total turnover for the day stood at Rs 1,41,671.99 crore. In the cash segment, NSE Cash segment contributed Rs 13,317.93 crore while BSE Cash contributed Rs 3,341.24 crore. NSE F&O segment clocked turnover of Rs 125012.82 crore.
India gold buying retreated on Monday afternoon as prices inched higher, following a weaker rupee and a firm overseas market, dealers said.
No comments:
Post a Comment