Markets end Samvat 2072 on flat note, Midcaps outshine

Benchmark share indices closed higher, amidst a choppy trading session, with Tata Motors benefitting the most following a rebound in Tata Group stocks while recovery in financials also helped sentiment. The benchmark S&P Sensex ended at 27,942 level up 26 points or 0.1 per cent whereas the Nifty50 Index ended at 8,638 up 23 points. The broader markets outperformed benchmark indices. The S&P BSE Midcap and Smallcap closed nearly 1 per cent higher.

An analyst said that the occurrence of a ‘Bullish Hammer’ at the retracement support escalates the expectation of a move beyond channel pattern. A breach beyond ‘8,730’ from hereon could increase the momentum. Hence longs could be started with a stop below ‘8,540’.
Asian stocks saw a mixed trend. US stocks settled with meek losses yesterday as a selloff in the government bonds hit yield-sensitive sectors like real estate and utilities.

VALUABLE METALS GLITTER DURING THE FESTIVE SEASON:

Diamond-studded or platinum jewelry is leading the trend this Diwali due to growing change in the mindset of women, particularly working women, away from their role as homemakers, who take jewelry more as a daily wearable than buying gold with a mindset of investing, a survey said.

High gold prices and innovations on the part of jewelry companies, especially the giants, are driving the change in the fashion trend. Even within gold jewelry, the trend is seen on lower-cost jewelry, though more needs to be done to allure consumers. Small items like earring, light bangles and rings witness heavy demand.

STOCK TRENDS:

Top gainers:

The top gainers from the Sensex pack were Tata Motors, Coal India, Bajaj Auto, Dr Reddy’s Labs and Tata Steel, all surging between 2 per cent-3 per cent. On the losing side, ICICI Bank, Asian Paints, Cipla, ONGC and Bharti Airtel were down 1 per cent-2 per cent. 

IT stocks:

Shares of two IT majors Infosys and Wipro hit their respective 52-week lows on the BSE in intra-day trade on Friday.

Chemical Stocks:

Shares of mid & small sized chemicals firms were in focus and rallied by up to 20 per cent on the BSE. Thirumalai Chemicals, IG Petrochemicals, Ultramarine Pigments, Plastiblends (India), Jayant Agro-Organics, Vishnu Chemicals, Keltech Energies, Mysore Petrochemcials, Sudarshan Chemical Industries, Punjab Chemicals and Philips Carbon Black were up 5 per cent to 20 per cent.

Stocks which rallied:

• Tech Mahindra rallied 5 per cent on the BSE after the firm reported dollar revenue growth of 5 per cent sequentially on a constant currency basis, best among its peers for the second quarter.
•  NMDC traded higher to its 52-week high of Rs 132 and ended up 6.2 per cent on the BSE, after the company made an announcement of signing of a tripartite pact with the Government of Madhya Pradesh and MPSMCL – Madhya Pradesh State Mining Corporation Limited for geological and geophysical exploration for numerous minerals in the state.
• Shriram City Union Finance surged 8 per cent to Rs 2,546, also its record high on the BSE, after the company registered a strong 34.3 per cent year-on-year growth in net profit at Rs 204 cr for the quarter ended September 30, 2016 on the back of healthy net interest income.

Tata stocks:

Tata Group shares were trading higher by up to 5 per cent, recouping part of their losses recorded in past 3 trading sessions. Tata Motors, Tata Communications, Tata Motors DVR, Tata Metaliks, Tata Teleservices (Maharashtra), Tata Elxsi, Tata Coffee, Tata Sponge Iron, Tata Global Beverages were up between 2 per cent-5 per cent on the BSE. TCS, however, was down nearly 1 per cent.