The markets managed to close in the positive terrain on the F&O expiry day, after experiencing highly volatile trades throughout the day.
Although the Asian markets closed weak (the Nikkei fell 1.34%), the Indian markets chose a different path.
The BSE Sensex closed at 10666 up 93.17 points and the Nifty closed with gains of 62 points at 3178.
The BSE Midcap was down 0.76% to close at 5,043.61 and the BSE Smallcap was down 1% and closed at 6,392.01.
BSE sectoral indices had a mixed closing. Stocks from the FMCG, metal and oil & gas sector witnessed buying interest.
After being hammered in the previous trading session, the metal index jumped 2.9% to close at 8,614.57. Stocks like Tata Steel, Nalco, SAIL, Hind Zinc, Sterlite Ind and Hindalco moved up.
FMCG stocks witnessed buying interest. The FMCG index was up 2.8% to close at 1,989.54. Stocks like Shaw Wallace, HLL, ITC, Nestle, Tata Tea and Dabur India gained.
The oil & gas index was up 1.35% to close at 5,164.43. BPCL, ONGC, Kochi Refinery, HPCL, Reliance and Petronet LNG flared up.
The auto index moved up 1% to close at 4,891.21. Mahindra and Mahindra, Tata Motors, Hero Honda , Maruti Udyog and Escorts ended higher.
Capital good stocks like Gammon India, Greaves Cotton, BEML, BHEL, Aban LoydChiles, KEC Infrastructure sank. The capital goods index was down 0.96% to close at 7,364.59
Pharma stock witnessed selling pressure. The health care index was down 1.46% to close at 3,442.82. Stocks like Ranbaxy Labs, Cipla, Orchid Chemical, Ipca Labs and Nicholas Pirama tumbled.
The Bankex was down 1.24% to close at 4,911.14. Bank stock like Kotak Mahindra, UTI Bank, ICICI Bank, Bank of Baroda and HDFC Bank closed in red.
Consumer durable stock also closed lower.
The NSE cash turnover was at Rs 10110.65 crore (Rs 101.10 billion) and the NSE F&O turnover stood at Rs 43741.16 crore (Rs 437.41 billion). The BSE cash turnover stood at Rs 3016.01 crore (Rs 30.16 billion). The total market turnover was at Rs 56867.82 crore (Rs 568.67 billion) versus Rs 53053.92 crore (Rs 530.54 billion) on Wednesday.
Market summary:
- Markets end in green on short covering in F&O market
- Sensex up 0.88% or 93 points at 10666.32
- Nifty up 2% or 62.15 points at 3177.70
- BSE Metal Index up 3%; TISCO up 6.6%; SAIL up 3.5%, results in line with expectation
- BSE FMCG Index up 2.8%; HLL, ITC up nearly 4% each
- Buying noticed in frontline IT stocks; Wipro up 6.9%; TCS up 4.5%
- CNX Midcap Index down 1% dragged by sugar stocks
- Bajaj Hind down 5.7%, Balrampur Chini down 5.4%
- Total Marketwide rollover at 71%; Nifty Rollover at 61% on the day of expiry
- NSE Advace Decline Ratio at 1:2
According to experts, there has been a significant fall in equities globally and therefore India is not something, which is completely out of the pack. We have to face the reality that markets can go up and down.
Having said that, a near 20% correction from a fundamental point of view, makes the market looks healthier. From now on, the overall interest rate situation and the global liquidity situation will determine the direction of the markets. Therefore, we will move more in tandem with the fundamental factors, rather than the technical factors of excessive leverage.
Sensex Rise and Fall: Complete Coverage
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