Sensex and Nifty started Thursday’s trading session down in the negative territory, following weaker global cues that saw Asian peers trade with losses.
Sensex and Nifty started Thursday’s trading session down in the negative territory, following weaker global cues that saw Asian peers trade with losses. SGX Nifty too hinted at a gap-down opening. S&P BSE Sensex S&P BSE Sensex tanked over 336 points on opening while the Nifty 50 gave up the 11,300 mark. Later on, after the initial 30 minutes of trade, equity benchmarks still traded with losses but recouped some losses. Only five of the 30 Sensex constituents were trading with gains. Broader markets continued to out-perform benchmarks.
Top gainers: NTPC was the top Sensex gainer up, over 1%, followed by Powergrid, HCL Technologies, Infosys, and Sun Pharma. Among BSE Midcap constituents, Future Retail and Varroc Engineering were trading 12% higher. Apcotex Industries and NIIT Ltd were the top smallcap performers.
Broader markets outperform: The midcap and smallcap indices continued their march upward, once again outperforming the benchmark indices. Nifty Midcap 50, Midcap 100, Midcap 150, and Midcap 50 were all trading with gains on Thursday morning.
Global cues: Major Asian stock markets were trading deep in the red on Thursday. Shanghai Composite and Hang Seng were down over 1% each. KASDAQ was trading 3% lower. Topix and Nikkei 225 were also trading lower. Overnight the US stock markets ended lower with the NASDAQ falling 0.57%.
Technical take: “We are trading below the support of 11350 but if we are able to recoup and close above this level, we should be back on track to achieve the 11500 levels. Traders can use this fall to enter into call options and use a favorable risk is to reward ratio where the stop loss can be placed at a Nifty level of 11200 and a target of 11500,” said Manish Hathiramani, Index Trader and Technical Analyst, Deen Dayal Investments