Nifty fails to hold 11,400, Sensex ends just above 38,200; key reasons

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Published: October 14, 2019 4:44:25 PM

The benchmark indices -- Sensex and Nifty -- on Monday saw a volatile trading session, tracking Asian equities in the wake of a preliminary trade deal between the US and China.

Both the Sensex and Nifty lost about 1% on ThursdaySensex closed the trade 87.39 points higher at 38,214.47, while Nifty ended up 29.40 points at 11,334.45.

The benchmark indices — Sensex and Nifty — on Monday saw a volatile trading session, tracking Asian equities in the wake of a preliminary trade deal between the US and China. Sensex closed the trade 87.39 points higher at 38,214.47, while Nifty ended up 29.40 points at 11,334.45. Tata Motors, Bharti Airtel, IndusInd Bank, Sun Pharma, Axis Bank, Maruti Suzuki, Bajaj Auto and TCS were the major gainers on Sensex.  Infosys, Bajaj Finance, PowerGrid, L&T and Kotak Bank were the major laggards in the trade today.

“The signs of easing trade tensions between US-China has provided some respite to the investors globally. On the domestic front, the earnings season is likely to dictate trend for the Indian markets as some of the front liners would be declaring their results this week,” Ajit Mishra Vice President, Research, Religare Broking said. More than the earnings announcement, investors and traders would focus on the outlook provided by the management especially for consumption driven companies, he added.

On the domestic front, wholesale price index based inflation eased to a three-year low of 0.33 per cent in September due to fall in prices of fuel and certain food articles.

Also read: Nirmala Sitharaman LIVE: FM asks big companies to pay MSME dues; reviews credit growth

“Nifty is likely to witness a build-up of momentum on the upside going forward. 11,100 zone is likely to be a new base for the markets in the near term. Period of correction which lasted for several sessions seems to have come to the end. Traders should look to position on the long side,” Amit Shah, Technical Research Analyst with Indiabulls Ventures said.

Meanwhile, the Indian rupee depreciated 13 paise to 71.16 against the US dollar intra-day. The brent crude futures, the global oil benchmark, plunged 2.26 per cent to USD 59.14 per barrel.

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