Last hour volatility that crept into Indian equity markets led to flat end of trade with negative bias as investors squared off their position ahead of local holiday and on account of palpable caution ahead of results day on May 16. However, what started as fairly stable session of trade turned out to be a choppy one. On the global front, Japanese stocks led the gains of Asian pacific region after Bank of Japan stood pat on policy. Moreover, European shares taking positive handover from Asian peers, were trading into positive terrain on account of massive gains of French conglomerate Alstom, which jumped 7% after saying it would review a binding offer from General Electric for its energy business by the end of May and left the door open for a competing bid from Germany's Siemens.
Back home, benchmarks got off to a positive start, following positive lead from Wall Street and upbeat earnings announcements. The rally was mainly led by surge of blue-chip stocks like Reliance Industries, HDFC twins, ICICI Bank among others. However, the gains were halved by noon deals with the start of European counterparts. Nevertheless, the last hour of selling took away all the sheen, though some recovery emerged thereafter but was way little to snap the three consecutive sessions’ downtrend of the markets. Amidst the broad-based selling pressure, stocks from Auto, Fast Moving Consumer Goods and Oil & Gas counters were the one to depict resilience. However, massive drubbing was witnessed in stocks from Realty, Power and Capital Goods counters. Banking stocks, which held up in trade for most part of the session, also settled with loss of close to half a percent.
The market breadth on the BSE ended negative; advances and declining stocks were in a ratio of 999:1768, while 154 scrips remained unchanged. BSE Mid cap and Small cap indices ended lower by 1.12% and 1.65% respectively. European markets were trading in red; France’s CAC 40 was down by 0.38%, UK’s FTSE 100 was down by 0.69% and Germany’s DAX was down by 0.17%.
On the BSE Sectoral front, Auto up by 0.37%, FMCG up by 0.16% and Oil & Gas up by 0.03% were the gainers while, Realty down by 5.30%, Power down by 2.08%, Capital Goods down by 2.03%, Consumer Durables down by 2.00% and Metal down by 1.15% were the top losers in the space.
The top gainers on the Sensex were Hero MotoCorp up by 3.01%, ONGC up by 1.94%, Dr Reddys Lab up by 1.55%, Tata Motors up by 1.55% and HDFC up by 1.53% while, Tata Power down by 3.46%, BHEL down by 3.05, SSLT down by 2.65%, Bharti Airtel down by 2.13% and L&T down by 1.86% were the top losers in the index.
TECHNICAL PARAMETERS OF NIFTY
Technically, today RSI was at 52, MACD positive below signal line; India VIX was at 31~, Nifty closed above its 200 DMA (6129), 50 DMA (6516) But below 20 DMA (6749) and 5 DMA (6759) which all indicate that market has seen correction here and we may see some buying support here around these levels.
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