The Indian markets closed on a volatile note for the third consecutive day in a row. The BSE Sensex closed, down 29 points, or 0.05 per cent, at 58,250.26 while the broader Nifty settled down 9 points, or 0.05 per cent, at 17,353.50. On NSE, at 1549 IST hours, Kotak Bank with 3.57 per cent gain was the top gainer, followed by Power Grid, Grasim, BPCL, Coal India. On the flip side, Divis lab was down 2.40 per cent and was the top loser, followed by Nestle India, Wipro, SBI Life, Hindalco.
“Index closed flat for the third consecutive day at 17353 and formed a dragonfly doji candle pattern on the daily chart which represents indecision in the markets. Nifty is unable to cross above its immediate swing high which is around 17440 so it will act as immediate & strong resistance for nifty followed by 17500 zone any break above mentioned resistance index may see good traction and can inch towards 18k mark, immediate support is still placed at 17300-17250 zone traders can use this as there trailing stop out levels,”Rohit Singre, senior technical analyst at LKP Securities said.
On BSE, GHCL and Hindustan Oil Exploration were the top performers while DishTV and Reliance Industrial Infrastructure Ltd were the losers. The Indian market opened on a flat note following the mixed cues from the global markets.
Sectorally, Nifty Bank was the top gainer, however, Nifty Auto, Nifty FMCG, Nifty Media, Nifty Realty, Nifty Pharma were drags and ended in the red. On BSE, BSE MidCap rose by 0.81 per cent and BSE small cap rose by 0.55 per cent.
“In a volatile session of trade today the Bulls managed to stage a smart comeback led by the pace of vaccinations and accumulation witnessed in Kotak Bank. The broader markets witnessed interest in Textile stocks on the back of the PLI scheme announced today. The late afternoon session saw Advances gain ground over Declines as several Midcaps were seen buzzing around,” S Ranganathan, head of research at LKP securities said.
In early trade, The benchmark BSE Sensex was down 30.33 points, or 0.05 per cent at 58,266.58. On the other hand, the broader Nifty was down 1.60 points, or 0.01 per cent at 17,360. In the US stock market, stocks indexes closed mostly lower though the tech heavy Nasdaq to reach another all-time high. Apart from the US stock market, Hong Kong’s Hang Seng index was up 0.16 percent, or 42.48 points, to 26,396.11. On the other hand in Japan, The benchmark Nikkei 225 index was down 0.34 percent or 100.87 points at 29,815.27 in early trade, while the broader Topix index edged down 0.20 percent or 4.11 points to 2,059.27.
“Domestic market opened on a flattish note while the cautious trend in the global market forced Indian equities to trade lower amid lingering concerns over rising covid cases and slowing economic recovery. However, supported by a recovery in broader markets the key indices ended on a flat note. The cabinet’s approval of the PLI scheme for man-made fibres and technical textiles will help in improving the industry’s outlook, ” Dr Vinod Nair, head of research at Geojit Financial Services said.
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