Benchmark indices slipped in early trade on Thursday. BSE Sensex fell by 168.80 pts or 0.23 per cent to trade at 72,454.29 as of 9.58 am, while Nifty 50 traded at 21,992.65, down by 62.40 or 0.28 per cent.

Nifty microcap, smallcap, and midcap all traded in red as of 9.42 am. Four sectoral indices traded in the green, being Nifty IT, metal, auto, and realty. Nifty Oil & Gas slipped by 0.98 per cent to trade at 11,656.60, and Nifty PSU Bank stocks slided down by 0.89 per cent to trade at 7,079.90.

Commenting on the nifty outlook, Anand James, Chief Market Strategist, Geojit Financial Services, said, “The 22250 region proved stiff yet again, and the turn lower thereof found enough momentum to test the 22000 vicinities, only to see bargain hunting surfacing again. While this was encouraging toward an early return to the 22450-550 trajectory, we feel that the trend is evenly poised with several ifs and buts and hence is not as directional as was seen at the start of the week. Push above 22131 could however signal strength.”

Meanwhile, Vaishali Parekh, Vice President - Technical Research of Prabhudas Lilladher Pvt Ltd, stated that the support for the day is seen at 21,900 while the resistance is seen at 22,200 level.

Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said, “The underlying strength of the ongoing market rally is getting widely acknowledged. This explains the FII buying, though marginal, yesterday when the US 10-year bond yield was around 4.3 percent. DIIs have been smart to buy continuously when the FIIs have been selling. So, for DIIs, there is room to book some profits, which they did yesterday. In the tug-of-war between FIIs and DIIs in recent years, DIIs have been the clear winners. So, watch out for the DII action. An important trend now is the huge delivery-based buying in the private banks, which are even now attractively valued in this market with elevated valuations. Switching from over-valued mid and small caps to large private banks would be a smart move.”

Stocks that were top gainers on the NSE were Eicher Motors, Axis Bank, HCL Technologies, Hindalco, and Tech Mahindra, while Bharti Airtel, BPCL, Asian Paints, Power Grid, and Dr Reddy’s Laboratories stocks underperformed.

Zee Entertainment Enterprises stock rose by 1.28 per cent to trade at ₹166.70. The stock tumbled 15 per cent in Wednesday’s trade until the company refuted claims of Bloomberg report that said SEBI had found a $241 million accounting issue in the company’s finances. 

Amber Enterprises stock inched up by 0.90 per cent on the NSE to trade at ₹3,991. The company informed that Shivaliks Mercantile Private Limited (‘Shivaliks’), the JV-SPV of Sidwal Refrigeration Industries Private Limited, a wholly-owned material subsidiary of Amber Enterprises India Limited, has acquired 34.59 per cent stake in the share capital of in Titagarh Firema SpA, a company based out of Italy (Firema), at a cost aggerating to Euro 20.21 million, to grow capabilities and capacities for various products in India and globally. However, Titagarh Rail Systems stock slipped by 0.23 per cent to trade at ₹956.30 as of 9.53 am.

ABB India stock traded higher by 6.58 per cent on the NSE at ₹5,312.60.

NBCC India stock surged by 3.16 per cent on the NSE to trade at ₹143.60, the company had obtained the in-principle approval of Greater Noida Authority for the development of unused and purchasable FAR in furtherance of existing projects of Amrapali valuing approx. ₹10,000 crore.

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