Broader markets continued to outperform as the US Fed indicated that rate hike was still far away in the future and the focus right now is on economic growth. But still, some analysts believe the stock prices have run up too much.
“Buying interest was seen in the Pharma sector in anticipation of strong Q1 results. The risk of profit booking is rising due to elevated performance and lack of direction from the western developed markets with flat performance recently. FIIs continue as net sellers in the domestic equity market during the past few days,” said Vinod Nair, Head Of Research at Geojit Financial Services.
Market at a glance:
- Angel Broking soars 20 per cent after a strong Q1 show
- IPO Watch: Zomato subscribed 36x, Tatva Chintan 3.46x
- India VIX, the barometer of volatility, falls 5 per cent to below 12-level
- HCL Tech that came out with earnings yesterday plunges over 3 per cent
- Voda Idea surges 8 per cent after cos say it is raising $3 billion
Among the blue-chip names, Divi’s Labs was the top gainer, rising 3.46 per cent. Bharti Airtel, UltraTech Cement, Tata Steel, Power Grid, Reliance Industries, Hindalco and Grasim were other gainers.
HCL Tech was the top loser in the Nifty pack, falling 3.25 per cent. Eicher Motors, Infosys, Bajaj Finserv, Adani Ports, Tata Consumer, Shree Cement and IndusInd Bank were others that ended in the red.
Broader market indices ended higher outperforming their headline peers. Nifty Smallcap gained 1.10 per cent and Nifty Midcap rose 0.35 per cent. Nifty 500, the broadest index on NSE, ended up 0.16 per cent.
Wockhardt Pharma, JB Chemicals and Pharmaceuticals, Sequent Scientific, Vodafone Idea, Syngene International and IRCTC were top gainers from mid and smallcap indices, climbing in the range of 5-9 per cent.
Tata Elxsi, Trent, Bank of Baroda, Aegis Chemicals, Just Dial and Linde India were major losers from broader market space, falling in the range of 2-4 per cent.
“Nifty 50 has held the 15,900 levels, sustaining above these levels may extend the rally to 16,200, while 15,600 remains a crucial support on the downside.”
The sectoral matrix on the NSE was mixed. Nifty IT was the top loser, down 1.07 per cent. Nifty Private Bank and Nifty Media were other losers. Nifty Pharma was the top gainer, up 1.16 per cent. Nifty Realty advanced 1.14 per cent.
Market breadth was in favour of gainers as 1,776 stocks ended in the green, while 1,423 names settled with cuts. As many as 500 securities hit 52-week highs, mostly from the smallcap space. Meanwhile, 20 names hit 52-week lows, mostly from the microcap space. About 500 stocks hit upper circuit limits and 190 lower circuit limits.
European markets were trading mixed. London-based FTSE was up 0.13 per cent while Paris and Frankfurt declined 0.53 per cent and 0.11 per cent, respectively. In Asia, Japan, Taiwan, South Korea and China fell while others ended in the green.
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