- Losses from heavyweight financial counters and Reliance were offset by gains in Metal and IT stocks.
Benchmark Indices endon aflat note
Indices started the week on a flattish note, with mixed cues from global markets. However, just after the market opened, the Nifty slipped into the red, trading in negative territory, with heavyweight financial counters and Reliance contributing the most to the drop. The index, however, began to recover from its lows, backed by a rebound in the IT and metals sector.The Nifty index ended the day on a marginally lower note after recovering nearly 85 points from the lows.
Broader Market Movement
The broader markets extended their rally to 3 days in a row as small cap and midcap indices outshine the benchmark indices, gaining 0.54 percent and 0.45 percent respectively. On the sector front, Banking and Financial sectors were among the top losing indices, as Nifty Bank index was the top losing index, declining over 250 points from the day's high and extending the decline for the 2nd straight session. Whereas, the Nifty Media was the top gaining index with gains of over 1 percent, followed by Metal and IT sectors which were the other gainers. On the stocks specific side, the top gainers were Coal India, Hindalco and TCS, whereas, Reliance, ICICI Bank and Hindustan Unilever were the top losers in today's session, losing 1-2 percent.
Global Data Front
The US benchmark indices came under pressure on trading day on Friday. With the down move, the Dow and the S&P 500 closed lower for the fifth consecutive session. For the holiday-shortened week, the Dow tumbled by 2.2 percent, while the S&P 500 and the NASDAQ slumped by 1.7 percent and 1.6 percent, respectively. The futures of Wall Street's three major indices are trading on a positive note. The Dow Jones Futures up 0.63 percent, the Nasdaq Futures up 0.59 percent, and the S&P 500 Futures up 0.61 percent. While on the European front, the indices are trading on a positive note.
To summarise, recovering from the day’s low, the indices closed nearly on a flat note. The Sensex ended with a cut of 127 points or 0.22 percent down at 58177 and the Nifty 50 index ended flat but with a negative bias at 17355, down 14 points. The levels to watch in the coming days for Nifty are 17500 on the upside, and on the downside, 17150 - 17100 would be the levels to keep an eye on.