Can Indian Market bounce back after Dussehra?

October 7, 2019 admin

Indian market closed the volatile session in red today. At close, Nifty fell 48.35 points or 0.43% to close at 11126.40. The BSE Sensex closed at 37,531.98 down by 141.33 points or 0.38% during the day. The NSE banking index Bank Nifty gained 35.70 points or 0.13% and closed at 27767.50 today.

Indian Market today

Nifty midcap 100 index was down 49.35 points or 0.32% and closed at 15524.35. The Nifty smallcap 100 index declined 1.25% or 67.75 points and closed at 5349.10 today. Among the sectors, Media, Telecom, Footwear, Jewellery, and Consumer Durables are the gainers whereas Metal, Logistic, Bank, Auto, manufacturing and Capital Goods are the losers for the day.

The top five gainers in the Nifty50 stocks for the day are Yes Bank, Zee Ent, Britannia, Axis Bank, and Nestle. The five losers in the Nifty50 stocks for the day are BPCL, JSW Steel, Ultratech Cement, Tata Steel, and Cipla. In the Nifty midcap space, the top gainers of the day are CG Consumer and Nalco and losers are Indiabulls Vent and Glenmark. In Nifty smallcap space the top gainers are Rcom and Venkys and the losers are NCC and Laurus Labs.

Tomorrow the Indian market is closed on account of Dussehra. Indian markets are down for the 6th straight consecutive day today. Can the market bounced back after Dussehra or will continue to decline is a big question. So far FIIs are the net seller in the cash segment and DIIs are the net buyers. Today FIIs sold Rs 494.21 crores and DIIs bought Rs 904.82 crores.

Stocks in News

After the drop in Auto sales Ashok Leyland to observe non-working days from 2-15 days in October to match with sales book. The share price of Ashok Leyland declined by 5.36% and closed at Rs 64.40 per share.

The US Food & Drug Administration issued a warning letter to Glenmark, the Company’s Baddi facility in Himachal. The share price of Glenmark plunged 9.46% and closed at Rs 285.60 per share

The container Corporation (CONCOR’s) Service Export from India Scheme (SEIS) benefits on rail transportation element disallowed by DGFT. The total amount is Rs 861 crore and now the benefit will be subject to further verification by DGFT. The share price of CONCOR slips 6.67% and closed at Rs 573.80 per share. Citi has maintained buy with a target of Rs 621 per share.

The credit rating agency has downgraded Edelweiss, the share price of Edelweiss has fallen 7.27% and closed at Rs78.45 per share.

Zee Ent promoters have increased the pledge shares up to 90%, the share price rebounded after falling 14% in intraday. The share price gained 6.19% and closed at Rs 251.50 per share.

Aurobindo Pharma received observations from USFDA for its 7 units, the share price of Aurobindo Pharma fell 19% and closed at Rs 459.85 per share

Yes Bank is in talks with three strategic investors to raise capital and one of the major companies is software giant Microsoft. The share price of Yes Bank gained 8.3 % and closed at Rs 45.65 per share.

Crude and Rupee Update

The Brent crude futures price is trading 0.78% higher today, currently, it is trading at $ 58.88 per barrel. The Indian rupee is closed at Rs 71 against the US dollar today.

Conclusions

Indian markets are closed tomorrow on account of Dussehra. Markets will open on Wednesday. Technically the Indian market is looking weak in the short term. Wednesday market will open as per the Asian Markets and SGX Nifty. Traders can get views on Nifty and Bank Nifty technicals levels on our website.

We wish you a Very Happy Dussehra!!!

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