BSE Sensex and Nifty struggled today as the six-day rally
showed signs of stalling. The Sensex was down 9 points at 27,026 while
Nifty was off 3 points at 8,173.
Here Are Top 10 Developments:
1) IT stocks rebounded following losses in the past two sessions. HCL Tech, Infosys and Wipro were up over 1 per cent. HCL Tech had suffered nearly 17 per cent losses in the past four sessions following a revenue warning.
2) Selling pressure was seen in banking stocks with ICICI Bank, SBI and Bank of Baroda among losers.
3) Some profit-taking was seen in oil & gas and metal stocks following their sharp gains in yesterday's sessions. Also, the recent global rally in commodity prices showed signs of softening.
4) ITC fell nearly 2 per cent after Uttar Pradesh banned the sales of loose cigarettes.
5) Analysts don't see significant upside for domestic markets from current levels in the short term. Traders are likely to turn cautious ahead of the earnings season and 8200-8300 is a tough nut to crack for Nifty, says Sanjiv Bhasin of IIFL.
6) Avinnash Gorakssakar of Precision Investment Services says that as long as 8100 level is held markets may see a consolidation in the near term. The Street has muted expectations about the September quarter earnings so any positive surprise could take markets higher, he added.
7) IndusInd Bank kicks off the earnings season this Friday when announces its September quarter results.
8) Foreign investors have been big buyers of Indian stocks so far this month. This is a big turnaround after they sold over Rs 20,000 crore worth of Indian equities (net) in the previous two months. The resumption of buying from foreign investors has provided strong support to domestic markets. Analysts don't see significant downside risks from current levels.
9) However, domestic institutional investors, who have all along been buyers of Indian equities in the past few months, have been net sellers in the past two sessions, putting pressure on stocks at higher levels.
10) Asian markets were mixed today despite overnight gains on Wall Street. Japan's Nikkei was down 0.44 per cent. But China stocks surged more than 3 per cent as investors returned from a week-long break that saw a rally across global markets.
Here Are Top 10 Developments:
1) IT stocks rebounded following losses in the past two sessions. HCL Tech, Infosys and Wipro were up over 1 per cent. HCL Tech had suffered nearly 17 per cent losses in the past four sessions following a revenue warning.
2) Selling pressure was seen in banking stocks with ICICI Bank, SBI and Bank of Baroda among losers.
3) Some profit-taking was seen in oil & gas and metal stocks following their sharp gains in yesterday's sessions. Also, the recent global rally in commodity prices showed signs of softening.
4) ITC fell nearly 2 per cent after Uttar Pradesh banned the sales of loose cigarettes.
5) Analysts don't see significant upside for domestic markets from current levels in the short term. Traders are likely to turn cautious ahead of the earnings season and 8200-8300 is a tough nut to crack for Nifty, says Sanjiv Bhasin of IIFL.
6) Avinnash Gorakssakar of Precision Investment Services says that as long as 8100 level is held markets may see a consolidation in the near term. The Street has muted expectations about the September quarter earnings so any positive surprise could take markets higher, he added.
7) IndusInd Bank kicks off the earnings season this Friday when announces its September quarter results.
8) Foreign investors have been big buyers of Indian stocks so far this month. This is a big turnaround after they sold over Rs 20,000 crore worth of Indian equities (net) in the previous two months. The resumption of buying from foreign investors has provided strong support to domestic markets. Analysts don't see significant downside risks from current levels.
9) However, domestic institutional investors, who have all along been buyers of Indian equities in the past few months, have been net sellers in the past two sessions, putting pressure on stocks at higher levels.
10) Asian markets were mixed today despite overnight gains on Wall Street. Japan's Nikkei was down 0.44 per cent. But China stocks surged more than 3 per cent as investors returned from a week-long break that saw a rally across global markets.
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