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The 30-pack Sensex and the broad-based Nifty gyrated between gains and losses on February 9 and were trading flat at mid-day amid firm global cues.
The Bank Nifty, which carries around 38 percent weightage in benchmark Nifty, gained nearly a percent to trade at 45,413.
Gains in index heavyweights ITC, Sun Pharma, Bajaj Twins, Reliance Industries and Asian Paints helped limit the downside. Sectorally, the pharma index gained 0.3 percent, while media, metal, and oil & gas slipped 2 percent each.
The fear gauge, India VIX, remained above 15, indicating that volatility may go up in the coming days.
Broader markets underperformed the benchmarks. Nifty midcap 100 and smallcap 100 indices slipped more than 2 percent each.
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Fundamental View
Good news for markets is the that the economy is doing better-than-expected and GDP growth is projected at 7 percent, VK Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said. Some of the concerns like FII selling and bear onslaught are unlikely to take the market down significantly.
“There will be strong buying on dips. The sustained flows into mutual funds, which are gathering momentum, will enable the DIIs to buy aggressively. A good investment strategy now would be to buy the bluechips, which FIIs are selling,” Vijayakumar said.
Technical View
Mandar Bhojane, Research Analyst at Choice Broking, expects the Nifty to find strong support around 21,500-21,400 and dips towards these levels can be considered for initiating fresh long positions.
“From current levels, in the short term, the upside will be limited, and the range of 22,000-22,200 will continue to act as a stiff supply zone for the index,” he added.
Key Nifty gainers
Grasim, Sun Pharma, SBI, ICICI Bank, and Apollo Hospitals
Key Nifty losers
ONGC, Coal India, Hindalco, NTPC, and M&M
Key Sensex gainers
SBI, ICICI Bank, ITC, Sun Pharma, and Axis Bank
Key Sensex losers
NTPC, M&M, Tata Steel, Infosys, and JSW Steel
Stock moves
Aviation stocks: IndiGo and SpiceJet shares took a knock on February 9 after reports suggested that a parliamentary panel proposed route-specific capping of airfare.
Telecom stocks: Shares of Bharti Airtel, Vodafone Idea and Reliance Industries traded mixed on February 9. The union cabinet approved auctions in eight spectrum bands for mobile phone services at a base price of Rs 96,317.65 crore, information and broadcasting minister Anurag Thakur said on February 8.
Disclosure: Moneycontrol is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.
Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
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Mid-day Mood | Sensex, Nifty flat in volatile trade; Bank Nifty up 1% – Moneycontrol
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