Analysts suggest traders to maintain their focus on the selection of stocks as there are enough opportunities across the board.
Snapping a four-day gaining run, BSE Sensex ended on a flat note with negative bias in Wednesday’s rangebound session. The 30-share Sensex ended 37 points or 0.10 per cent down at 38,369. While the broader Nifty 50 index gave up five-day winning run and settled in the negative territory, holding above 11,300. NSE’s Nifty 50 index settled 13 points or 0.12 per cent lower at 11,308. Index heavyweights such as Kotak Mahindra Bank, TCS, Reliance Industries (RIL), HDFC Bank and Housing Development Finance Corporation contributed the most to the indices’ fall today. “Markets are reacting uncertainly to global cues and this uncertainty is expected to continue. The downside looks limited but investors are advised to remain cautious, considering the valuations of some of the stocks,” said Vinod Nair, Head of Research at Geojit Financial Services.
HCL Tech hits 52-week high: HCL Technologies hit a new 52-week high of Rs 719.05 apiece in intraday deals today. The stock ended at Rs 716.80 apiece, a gain of 4.86 per cent from the previous close. The top Sensex gainer nearly doubled from its March lows of Rs 375 apiece.
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SBI, Maruti top BSE Sensex gainers: Along with HCL Tech, State Bank of India (SBI), Tech Mahindra, Maruti Suzuki, M&M, UltraTech Cement, NTPC, Infosys and Bajaj-Auto were among the top Sensex gainers today. On the contrary, Kotak Mahindra Bank, Sun Pharma, Bajaj Finserv, L&T, Bajaj Finance, Titan Company and TCS were the top laggards on the index.
Nifty Pharma top sectoral loser: Sectoral indices settled mixed today. Nifty Pharma index fell 1.5 per cent dragged by Biocon, Cadila Healthcare, Torrent Pharma and Cipla. While Nifty PSU Bank and Nifty Auto jumped over 2 per cent in today’s rangebound trade.
Broader market: The broader market performance was also in line with equity benchmarks. S&P BSE MidCap index ended at 14,354, down 37 points or 0.26 per cent, while S&P BSE SmallCap index settled flat at 13,834.
What should traders do: “Since we’re largely mirroring the global markets, further developments on the stimulus package announcement and US-China trade tension would be actively tracked by the participants for cues. Traders should maintain their focus on the selection of stocks as we’re still seeing enough opportunities across the board,” said Ajit Mishra, VP – Research, Religare Broking Ltd.