Indian stock markets, today, shied away from the ongoing northward momentum on the back of profit booking at current levels and weak cues from the global markets. Both the benchmark indices remained very volatile despite being range-bound through most of the day. The broad-based index Nifty failed to hold the ground and ended the week below the key psychological mark of 6150 at 6144.90, down by 19.45 points, or -0.32%. Sensex also retreated after touching the 21000 mark yesterday in intra-day trades and ended the day at the lowest level of the current week at 20683.52, down by 41.91 points or -0.20%.
The market apprehended for weak closing for the current week as it saw a bit of profit booking after rising for more than 5% in previous three weeks. Major indices broke out of their trading range on the lower side towards the end of trade and closed near day's low on profit booking taking cues from weak global markets.
As per market experts, however, current consolidation of benchmark indices in the narrow range seen in the past few trading sessions is more of profit-booking by traders, while the long-term trend remaining intact. Considering the fact that the momentum is clearly on the side of the bulls, further rally is expected purely on the back of global liquidity as not much has changed when it comes to the dynamics of the Indian economy.
All the sectoral indices, except CNX IT (1.51%), CNX Media (1.00%) and CNX Service (0.35%), plunged below their respective previous closes led by the consumption and infrastructure stocks. CNX Realty shed the most falling by -2.33% and chased by CNX Infra (-1.47%), CNX Metal (-1.31%), CNX Auto (-1.09%), CNX Consumption (-1.02%) and CNX FMCG & CNX Pharma (both -0.92%).
Market breadth remained one-sided negative on the NSE with 390 gainers against 780 losers and 51 remaining unchanged.
Out of 50 stocks of Nifty, 14 stocks advanced while 36 stocks declined.
Top 5 Nifty Gainers: TCS topped the Nifty Gainers chart by gaining 2.80% and followed by HCL Technologies (2.48%), Wipro (2.37%), NTPC (1.54%) and SSLT (1.33%).
Top 5 Nifty Losers: While on the Nifty Losers list, Hindalco seized the top spot plunging by -4.93% and followed by DLF (-4.83%), NMDC (-3.68%), Cairn India (-3.53%) and Tata Steel (-3.10%).
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