Market: Selling in select blue-chip counters such as HDFC, IndusInd Bank, TCS, L&T, ONGC, and Vedanta and weak global cues dragged the equity market lower on Friday. The S&P BSE Sensex lost 167 points or 0.43 per cent to settle at 38,822.57 while the Nifty50 index of the National Stock Exchange (NSE) closed the day at 11,512.40, down 59 points or 0.51 per cent. On a weekly basis, however, Sensex gained 2.12 per cent while Nifty added 2.11 per cent. In the broader market, the S&P BSE Mid-cap index ended at 14,266, down 90 points or 0.62 per cent and the S&P BSE Small-cap index lost 109 points or 0.81 per cent to settle at 13,332 levels.Global Markets: Japan stocks were higher after the close on Thursday, as gains in the Paper & Pulp, Railway & Bus and Real Estate sectors led shares higher. The Nikkei 225 gained 0.13%.
Australia stocks were lower after the close on Thursday, as losses in the Gold, Telecoms Services and Utilities sectors led shares lower. The S&P/ASX 200 lost 0.49%.
The Shanghai Composite and the Shenzhen Component fell 0.2% and 1.1% respectively.
Australia stocks were lower after the close on Thursday, as losses in the Gold, Telecoms Services and Utilities sectors led shares lower. The S&P/ASX 200 lost 0.49%.
The Shanghai Composite and the Shenzhen Component fell 0.2% and 1.1% respectively.
Nifty50 has begun the consolidation phase after a massive rally. All short-term indicators have moved to overbought levels which caps the upside for the time being. Short interests have reduced with the month-end expiry and therefore significant upside is not expected in the near term. A 50% retracement is expected before any up-moves can begin. Traders can go long around 11,000-11,100 levels.
