Theme Layout

Boxed or Wide or Framed

Theme Translation

Display Featured Slider

Featured Slider Styles


Display Trending Posts

Display Instagram Footer


Dark or Light Style

Nifty trading below 6,500 mark; Bank Nifty slips 1%

Benchmark indices are trading weak with the Nifty index trading below 6,500 mark weighed down by financials and capital goods shares.

At 13:00 PM, the 30-share Sensex was down 63 points at 21,770 and 50-share Nifty was down 25 points at 6,499.

Adds Devangshu Datta, Technical Analyst and market expert, “(Considering only futures prices) – the Nifty could stabilise between 6500-6525 or higher. If that level breaks, it could fall till 6450 or lower. Assume that there will be resistance/ support at roughly 50-pt intervals. As of now, the market looks a little bearish.”

On the global front, Japanese stocks tumbled to a six-week low on Thursday after Federal Reserve Chair Janet Yellen raised the prospect of interest rate hikes starting earlier than previously thought, sparking a selloff in equities before a three-day weekend.

The Nikkei share average ended 1.7 percent lower at 14,224.23, the lowest closing level since February 6. For the week, the index dropped 0.7 percent. Markets in Japan will shut on Friday for a public holiday.

Back home, the rupee is off one-week low hit in the early session on dollar selling by foreign banks, dealers said. The rupee is at 61.15/16 after hitting an intraday low of 61.40. The unit closed at 60.95/96 on Wednesday.

On the sectoral front, BSE Capital Goods and Realty indices have plunged by nearly 2% each followed by counters like Banks, Power, OIl & Gas, Metal, Auto and FMCG, all declining by nearly 1% each. However, BSE IT, Healthcare and Consumer Durables indices have gained between 1-2%.

The main losers on the Sensex at this hour include GAIL, BHEL, Coal India, L&T, ITC, HDFC, SBI, HDFC Bank and Axis Bank.

IT stocks have gained on weak rupee and improving outlook on US economy. TCS, Wipro and Infosys have surged between 2-3%.

Other notable losers are HUL, Sun Pharma, Cipla, Bharti Airtel and Hindalco.

Among other shares, Mayur Uniquoters has soared to 9% to Rs 508, also its record high on the BSE, after its board approved to raise upto Rs 70 crore through preferential allotments to private equity (PE) firm WestBridge Capital.

Alstom T&D India is trading higher by 1% at Rs 223, extending its previous day’s 3% gain, after the company said it has bagged a Euro 20.1 million (approximately Rs 161 crore) contract from state-run Power Grid Corporation for supplying equipment at various centres in North India.

The market breadth in BSE turns negative with 1,348 shares declining and 1,127 shares advancing.

You Might Also Like

No comments

Post a Comment

Follow @MyInstantSearch