3 days Ago
Among 30 Sensex companies, 26 were trading in red. Among the top losers were HCL Tech, Tech Mahindra, Infosys, Tata Steel, and TCS, falling up to 2.5 per cent.
The domestic equity market on Thursday started the day on a negative note with the BSE Sensex opening around 160 points lower at 76,875 and the NSE Nifty trading down by 65 points at 23,379 in the opening trade. IT, consumer durables, auto and FMCG were in pressure in the early trade; while financial services, pharma, and realty were trading in green. Among 30 Sensex companies, 26 were trading in red.
Among the top losers were HCL Tech, Tech Mahindra, Infosys, Tata Steel, and TCS, falling up to 2.5 per cent. However, ICICI Bank, Bharti Airtel, Sun Pharma, and HDFC Bank were in green.
FIIs on Wednesday extended buying on the second day as they bought equities worth Rs 3,936 crore. However, DIIs extended their selling on the second session as they sold equities worth Rs 2,512 crore on the same day. Prashanth Tapse, senior vice-president (research) of Mehta Equities Ltd, said, “FIIs turned net buyers on Wednesday, investing Rs.
3,936 crore and taking this week’s total inflow to Rs. 10,002 crore. Positive triggers include hopes of an above-normal monsoon, inflation hitting a 5-year low, and crude prices staying soft near $61.
" However, any major upside in Nifty may hinge on US tariff easing, especially as the Trump administration has tightened AI chip export rules to China, impacting Nvidia and AMD. Q4 results from HDFC AMC, HDFC LIFE, INFY, and TATA ELXSI are due on Thursday, he added. “Stock-wise, IndusInd Bank and IREDA rallied on positive updates, while JBM Auto and Olectra surged on EV bus tender news.
CDSL is our top pick for the day," Tapse said. Technical View Anand James, chief market strategist at Geojit Investments Limited, said, “We had noted our preference for a dip towards 23080-22975 yesterday but the premature turn higher, after dipping just below 23300 left the trend looking exhausted after crossing 23390. Meanwhile, 72 per cent of Nifty 50 stocks are in the upper half of the bollinger band already, favouring a sideways move over a vertical rise.
We will also be eying 23160-650 as an interim range until directional momentum emerges.".
