By Aamar Singh, Head \u2013 Advisory, Angel Broking Ltd
Indices end the day flat
On Wednesday, the Indian benchmark equities began the day on a flat but negative note. However, following the opening dip, the benchmark Nifty index consolidated until the last hour of trading, when it recovered from the lows to end on a flat note but with a positive bias. The index saw a sudden spike in the last hour, backed by the heavyweight Reliance, which saw some traction late in the day; with this, the stock is up for six straight sessions, and the Metal, Auto, and PSU Banking names are also helping Nifty recover from the day’s low.
Broader Market Sense
In terms of the broader market, the midcap and smallcap indices each closed more than a percent higher, with the midcap index closing above the 26000-mark for the first time, as it has witnessed record closing levels. UPL, Tata Steel, and SBI Life Insurance were among the major gainers in the Nifty 50 pack, while ITC, Tech Mahindra, and Axis Bank were among the major losers. Among the sectors, Nifty PSU Bank rallied the most, gaining more than 3%, followed by Nifty Metal and Nifty Auto, while selling was seen in the IT, FMCG, and Financial Services sectors.
Stocks in the Limelight
Motherson Sumi and ITC were the stocks that made the headlines today. As a result of their Q4 results, the stocks reacted. The Nifty Auto index rose by a percentage point, led by Motherson Sumi, which soared by more than 13 percent as the company saw its profit grow three-fold. Whereas ITC, on the other hand, fell nearly 3% as the company’s annual profits took a hit.
Global Economic Data
On the global front, the US markets ended on a mixed note after the benchmark indices were unable to sustain the initial up move. The initial strength was fuelled by encouraging overseas manufacturing data. While the European markets continued to extend their rally, the indices traded sideways but positive.
Summing Up, the indices ended the day on a mixed note, with the Sensex down 85 points or 0.16 percent at 51849 and the Nifty nearly unchanged at 15576. As buying momentum at lower levels erased the losses, the market finished on a flat note. Given that the Nifty is currently trading near its all-time high levels, any positive trigger for the markets may take the benchmark Nifty index towards 15700 – 15750 levels, whereas on the flip side, 15450 – 15400 levels may act as support in the coming days.
<\/p>\n","protected":false},"excerpt":{"rendered":"