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Indian benchmark indices ended marginally lower in the volatile session on October 12.At close, the Sensex was down 64.66 points or 0.10 percent at 66,408.39, and the Nifty was down 17.30 points or 0.09 percent at 19,794.
We wrap up today's edition of the Moneycontrol live market blog, and will be back tomorrow morning with all the latest updates and alerts. Please visit https://www.moneycontrol.com/markets/global-indices/ for all the global market action.
Taking Stock: Market ends flat in choppy trade; IT drags, metal, oil & gas gain
Top Nifty gainers included BPCL, Coal India, Maruti Suzuki, Grasim Industries and Power Grid Corporation, while the biggest losers were Tech Mahindra, Apollo Hospitals, TCS, HCL Technologies and Infosys…. Read More
The underwhelming result of the IT major and its lacklustre near-term prospects exerted downward pressure on the IT sector. Nevertheless, the broad market exhibited strength, primarily in anticipation of healthy overall Q2 results led by expansion in India’s operating profit as volume demand is sustained despite global slowdown. Global trend was positive attributable to the favourable UK GDP figures and anticipation of a moderation in US CPI inflation, which may influence the FED's future actions.
Markets ended marginally lower in a sluggish trading session as frontline IT stocks led the fall after a lower-than-expected TCS results dampened the sentiment and fuelled a major sell-off. The lacklustre trend with a negative bias was seen despite optimism across the global equities on hopes interest rates could remain steady in view of global macro-economic woes.
Technically, after a muted opening benchmark Nifty witnessed a range bound activity near the 20-day SMA (Simple Moving Average) and has formed a small candlestick formation. For traders, 19750-19700 would be key support levels while 19850-19900 would act as important resistance areas.
India’s second-largest IT company Infosys reported a 3 percent year-on-year (YoY) rise in net profit at Rs 6,212 crore in the second quarter of FY24. This was in above Moneycontrol’s poll estimates of Rs 6,156 crore.
Consolidated revenue for the quarter came in at Rs 38,994 crore up 7 percent. Revenues for the quarter were above analyst estimates of Rs 37,694 crore. The IT major revised its FY24 revenue guidance to 1 percent from 2.5 percent.
Infosys ADR fell sharply in the pre-opening as it was down 4.6 percent.
Nifty remained in a range-bound pattern after a flat opening. Throughout the session, Nifty barely moved outside the previous day's range. Looking ahead, we can expect the market to continue this range-bound movement until Nifty makes a decisive breakout either above 19850 or below 19750. A clear breakout above 19850, it could potentially propel Nifty towards the 20000 level.
Markets oscillated in a range and ended almost unchanged, taking a breather after the recent bounce. After the flat start, Nifty hovered in a narrow band till the end and finally settled at 19794 levels. On the sectoral front, auto, metal and energy packs traded upbeat however decline in the IT majors toned down the positivity. The broader indices too traded mixed wherein smallcap index managed to gain over half a percent.
We reiterate our mildly bullish view on the index and suggest continuing with a “buy on dips” approach till Nifty holds 19,500. However, traders should maintain extra caution on stock selection as volatility remains high during the earnings season. Besides, mixed global cues could also add to the choppiness.
The Bank Nifty index continued its consolidation phase, encountering resistance at 44,700 and support at 44,400. The overall market sentiment remains bullish, and any dips should be considered as opportunities to initiate fresh long positions. The target is 45000, where the highest open interest exists on the call side. A break above 44,700 is expected to accelerate upward momentum, driven by fresh short-covering activities.
The Nifty opened on a flat note and consolidated for most part of the day. It closed marginally in the red down ~17 points. On the daily charts we can observe that the Nifty has been consolidating after a sharp rally of ~350 points in the previous couple of trading sessions. This consolidation is a healthy sign and shall set the floor for the next leg of upmove.
The hourly momentum indicator has a negative crossover which can lead to more consolidation and incase of a dip towards 19750 – 19730 zone it should be used as a buying opportunity. On the downside, the gap area formed in the range 19718 – 19757 is likely to act as a short-term support and on the upside the rally has potential to extend till 19884 – 20030.
Bank Nifty also consolidated within a range and formed an Inside bar pattern. The hourly Bollinger bands are contracting and hourly momentum indicator has a negative crossover and is still far away from the equilibrium line indicating that consolidation is still not complete and can continue over the next few trading sessions. Dips towards 44400 – 44300 zone should be used as a buying opportunity. Once this consolidation matures, we expect the positive momentum to resume on the upside till 45050 – 45350 which coincides with the 50% and 61.82% fibonacci retracement level of the fall.
The rupee traded slightly weaker ahead of key consumer price data from home as well as from the US. However, the dollar index remained under some pressure as Wednesday’s PPI upside surprise failed to offset the more dovish narrative from Fed officials.
The Indian rupee erased most of its previous day’s gain on dollar demand from importers while overseas investors still remained net sellers of domestic equities.
So far this month, FPI sold worth $600mn equities and bought $272mn debts while the rupee fell a quarter per cent. In the near term, spot USDINR is expected to trade between 83 to 83.35 as the central bank actively managing the volatility.
The markets began the day on a steady note but due to lack of momentum, the Index oscillated in an extremely thin range and finally settled at 19,794.00 with a loss of 17.35 points. The Auto and Metal counters were seen providing some support to the Index but IT stocks mounted pressure on it. Media was the top gainer by ending the day with gains of 3.02%. Mid and Smallcaps managed to end the session in green to outperform the Frontline Index.
At the bearish gap zone, the Index has made a small negative candle. We will stick with our view of having a convincing close above 19,880 to rally to 20,000. On the downside, the zone of 19,720-19,760 is a strong support area.
Indian rupee ended marginally lower at 83.24 per dollar on Thursday against Wednesday's close of 83.20.
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Closing Bell: Nifty below 19,800, Sensex falls; mid, smallcap gains – Moneycontrol
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