Markets, after opening the day on higher note, failed to uphold the momentum and slipped below the previous close and other nearing psychological levels. After witnessing the game of tug-of-war at 6200 level, spread over two straight volatile trading sessions, the broad-based index S&P CNX Nifty once seen losing approx. 1.30% during most of the day; but nonetheless retrieved the major chunk of the losses and managed to stay above another psychological mark of 6150 before closing on a negative note at 6178.35, down by 24.45 points. Another benchmark index, Sensex closed at 20767.88, down by 97.09 points after recovering from losing 275.25 points in intra-day trades.
The market remained under pressure with the equity benchmarks falling substantially, weighed down by profit booking in heavyweights. As per technical analysts, market is showing signs of weakness and hence traders are behaving cautiously and booking profits instead of adding to their existing positions. Though the view on the street is that indices are poised to make a new high shortly, yet the rally could end badly as corporate earnings continue to disappoint. Coming ahead, the major macro event, from where the markets may pick their next cue, is the RBI’s policy meet on October 29.
Sectoral indices largely remained negative barring a few with CNX PSU Bank leading the gainers on the NSE by advancing 2.69% and joined in by Bank Nifty (0.66%) and CNX Media (0.42%). Whereas, CNX Realty plunged the most by losing -1.32% and followed by CNX Energy (-1.00%), CNX IT (-0.96%), CNX Commodities (-0.94%), CNX Pharma (-0.86%), CNX PSE (-0.81%) and CNX Auto (-0.79%).
Market breadth on the NSE ended on negative with 553 gainers against 616 losers with 54 remaining unchanged.
Out of 50 stocks of Nifty, 16 advanced and 33 declined and 1 remained without any change.
Top Five Nifty Gainers: Bank of Baroda topped the Nifty gainers chart today gaining by 5.21% and followed by GAIL (3.92%), Cipla (2.73%), State Bank of India (2.45%) and ACC Cement (2.09%).
Top Five Nifty Losers: Today Wipro emerged the biggest loser on the Nifty plunging by -4.60% and chased by Cairn India (-3.80%), DLF (-3.14%), Sun Pharma (-2.99%) and NTPC (-2.25%).
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