Market Wrap Up :: HDFC Securities

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Markets bounce back

Markets closed marginally higher amid volatility led by buying among defensive sectors like pharma and IT shares. Selling pressure in select metal, auto and bank shares capped the upside gains.  

The 30-share Sensex ended higher 35 points at 28,068 while the Nifty gained 20 points at 8,402. The broader markets underperformed the benchmark indices- BSE Mid-cap and Small-cap ended marginally negative. The market breadth in BSE ended weak with 1,740 shares declining and 1,124 shares advancing. NSE cash turnover was Rs.15,533crs.

Sectors & Stocks:

Defensive sectors like pharma and IT ended higher by over 1% each. However, BSE Consumer Durables and Realty indices fell by almost 2% followed by counters like Power Auto, Metal and Capital Goods, all slumping by nearly 1%.

Cipla was the top Sensex gainer, up over 3% after the company agreed to market pediatric vaccines made by Serum Institute of India in Europe, in a move that marks India's fourth-largest drugmaker's entry into the vaccines space.

Shares of State Bank of India (SBI) ended higher by 2% at Rs 295 on the National Stock Exchange (NSE) after the stock turned ex-stock split today. The country?s largest public sector lender had subdivided the face value of its equity shares to Re 1 from Rs 10.

IT shares like TCS, Infosys and Wipro gained by over 1% on the back of depreciating rupee.

FMCG shares like ITC and HUL ended with marginal gains as falling inflation raised hopes of higher spending and margins.

On the losing side, Sesa Sterlite, BHEL, Bharti Airtel, M&M, NTPC and Tata Steel slipped between 1-2.5%.

Outlook

Technically, with the Nifty bouncing back after holding above the 8370 supports, the short term trend does seem to have turned up. Further upsides are likely if the near term supports of 8400 are held.