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An evening walk down the D-St | Sensex fails to hold 39K, midcaps underperform
The S&P BSE Sensex closed 50.12 points lower at 38,981.43, while Nifty was down 23.40 points at 11,724.80
Benchmark indices ended lower on after a rangebound day. Nifty ended just above 11,700-level, but Sensex failed to hold on to the 39k mark.
The S&P BSE Sensex closed 50.12 points lower at 38,981.43, while Nifty was down 23.40 points at 11,724.80. About 1,053 shares advanced, 1,442 shares declined, and 163 shares were unchanged.
Yes, Bank, Bharti Infratel, Power Grid Corp, HDFC Bank, and Hero Motocorp were the top gainers on the Nifty, while Britannia Industries, Zee Entertainment, Tata Motors, ICICI Bank and IndusInd Bank were the losers.
Among sectors, except infra all other indices ended in the red led by IT, pharma, FMCG, auto and bank.
Midcaps continued to underperform with the index down 106 points. Volatility index spiked 5 percent reverting to the 23-mark.
Bajaj Auto gained over 1 percent on the back of above-expectation of auto sales. YES, Bank was up 4 percent today after recording the biggest 1-day fall on Tuesday. Market breadth was in favor of the declines with the advance-decline ratio at 1:2.
"Market ended on a negative note after a volatile session as a mixed bag of quarterly earnings and tepid auto sales dented investor sentiment. The consolidation was broad-based as manufacturing activity eased in April due to general elections. On the global front, markets were mixed as US Fed stayed patient on key rates while soft inflation added anxiety and market participants are focused on upcoming jobs data for more cues," said Vinod Nair, Head of Research at Geojit Financial Services Ltd.
The choppy trend continued in the Nifty and the market closed the day lower by 23 points. An identical open and close was formed today with long upper shadow. Technically, this pattern signals a formation of doji type candle pattern. This is second back to back doji candle pattern in the last two sessions," said Nagaraj Shetty – Senior Technical & Derivative Analyst at HDFC Securities.
"The short term trend of Nifty remains choppy with weak bias. Immediate supports to be watched at 11665 levels, he added.
Stocks in news:
Shares of Jet Airways plummeted 12 percent after a media report said bidders for the debt-laden airline failed to submit their expression of interest, handing a major blow to the early revival of the airline.
Shares of JBF Industries declined 4 percent after Arun B Shah resigned as CEO and CFO of the company w.e.f. May 1, 2019.
Capacity Infraprojects rose 2 percent after the company received orders worth Rs 229 crore.
Global Updates
Asian markets ended with marginal gains as US Federal Reserve said it may not consider rate cuts at the moment. Kospi rose 0.42 percent at 2,212.75 and Hang Seng added 0.84 percent. Markets in China and Japan were closed for holidays. On the other hand, European markets are trading mixed.
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