Markets today started on a downward trend but later recovered and ended in the upward zone. Sensex rose 131 points to close at around 77,341 and Nifty ended at 23,537.
Winners and losers:
On the Sensex index, M&M, PowerGrid, Sun Pharma and Nestle India were the top gainers, while IndusInd Bank, Adani Ports, Tata Steel and Reliance Industries were the top losers.
Performance by sector:
Auto stocks led the gains with the Auto index rising around 0.9%. The FMCG index rose around 0.72%. The Nifty IT, Metals, Public Sector Bank and Pharmaceutical indices fell.
Nifty Midcap 100 rose 0.27 per cent, while Nifty Smallcap 100 ended down 0.1 per cent.
Global Market:
Asian stocks were mostly down except for the Nikkei, which rose about 0.5%. Hong Kong’s Hang Seng Index fell 0.8% and the Shanghai Composite Index fell 0.7%.
Technology Outlook:
Nifty has started gapping down and on the daily chart, the index has been trading broadly in the range of 23200-23700 since the last 10 trading sessions.
Jatin Gedia, Technical Research Analyst at Sharekhan at BNP Paribas said, “The decline towards the lower limits should be used as a buying opportunity with a trailing stop loss at 23,200. Hourly momentum indicators are triggering a positive crossover which is a buy signal. Hence, one should continue riding the uptrend until weakness is seen on the price front.”
