Stocks

sensex stocks: Market Watch: Nifty may consolidate next week

Welcome to ETMarkets Watch, your daily wrap-up to the day on Dalal Street. I am Nikhil Agarwal.

Continuing their winning streak for the second straight week, benchmark equity indices closed higher on Friday, led by index heavyweights Reliance, Maruti, HDFC and a few private banking stocks. The 30-share Sensex ended 203 points higher at 59,960, while its broader peer Nifty50 gained 49.85 points to end above the 17,750 level at 17,786.80.

Among Sensex stocks, Maruti, Reliance, NTPC, Power Grid Corp and M&M were the top gainers in today’s trading session, rising around 1.5-5 per cent. Bajaj Finserv, Titan, Kotak Bank, Nestle, HDFC and Bajaj Finance also settled higher. However, Tech Mahindra, Tata Steel, Sun Pharma, ICICI Bank, SBI and Axis Bank ended the session with cuts.

Sectorally, the Nifty Auto rose 1.63 per cent and Nifty Oil & Gas surged 1.03 per cent. While Nifty Pharma and Nifty Metal closed lower. In the broader market, Nifty Midcap50 fell 0.26 per cent and Smallcap50 dropped 1.14 per cent.

Earlier in Asian markets, Japan’s Nikkei 225, China’s Shanghai Composite and South Korea’s Kospi plunged 0.88 per cent, 2.25 per cent and 0.89 per cent, respectively.

The rupee was little changed against the dollar on Friday, but posted a weekly rise on bets that the US Federal Reserve will pivot to smaller sized rate hikes from December. The rupee closed at 82.47 today, almost unchanged from 82.49 in the previous session. While the Brent crude January futures fell 0.69 per cent to $94.38 per barrel.

The market breadth was skewed in favour of bears. About 1,908 stocks declined, 1,531 gained and 128 remained unchanged.

Mr Ajit Mishra of Religare Broking said we may see further consolidation in the index and expect a similar trend on the global front as well. After the recent outperformance, banking may also take a breather and index majors from other sectors are likely to fill in the gap.

That’s all for now. Do check out ETMarkets.com for all the news, market analysis, investment strategies and dozens of stock recommendations. Enjoy your evening. Bye Bye.


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