Gains In Auto Stocks Fail To Drive Sensex, Nifty Higher
Closing Bell: Sensex, Nifty Halt Three-Day Gaining Streak
Indian equity benchmarks snapped their three-day gaining streak despite a recovery for automakers.
The S&P BSE Sensex fell 0.20 percent to close at 37,328.01 and the NSE Nifty 50 declined as much as 0.33 percent to 11,017. The broader markets represented by the NSE Nifty 500 Index fell as much as 0.45 percent.
For this week, 10,970 is a crucial support level for the Nifty, according to Aditya Agarwalla, technical analyst at Yes Securities. “If the Nifty breaks that level (10,970), then the further downside to 10,900 levels is expected,” he said in an interaction with BoombergQuint.
The market breadth was tilted in favour of sellers. About 1,129 stocks declined and 645 shares advanced on National Stock Exchange.
Eight out of 11 sectoral gauges compiled by NSE traded lower, led by the NSE Nifty PSU Bank Index’s 2.35 percent fall. On the flipside, the NSE Nifty IT Index was the top sectoral gainer, up 1.18 percent.
Nifty: Top Gainers And Losers
Nifty To Fluctuate Between 10,950-11,150, Says Angel Broking
Nifty index to be range bound between 10,950 and 11,150 with short-term momentum tilting towards the buy side. That's according to Amar Singh, Head Advisory, Angel Broking.
"Any dips in current levels should be used as a buying opportunity," said Singh in an interaction with BloombergQuint.
Hopeful Of A Recovery By Third Quarter, Says Maruti's Bhargava
The auto slowdown isn’t reflective of underlying problems with the Indian economy. That’s according to Maruti Suzuki’s Chairman RC Bhargava.
“I’m hopeful that by the third or fourth quarter of the year, we will see a revival of growth in the (auto) industry,” Bhargava said
Automakers are now banking on good monsoon to boost rural demand, the upcoming festive season to increase consumer spend and a combined push from the central and state governments to revive the sector, he said.
Watch the full interview here:
Loyal Equipments Wins Rs 10.2-Crore Order
The Gujarat-based company has won Rs 10.2 crore worth purchase orders to supply heat exchangers and tube bundles, according to its exchange filing.
The shares traded flat at Rs 32.90 each. The stock has declined 31 percent in the past 12 months.
Yes Securities Says 10,970 Is A Key Support Level For Nifty This Week
For this week, 10,970 is a crucial support level for the Nifty, according to Aditya Agarwalla, technical analyst at Yes Securities. “If the Nifty breaks that level (10,970), then the further downside to 10,900 levels is expected.”
Mobius Foresees Gold To Rally 'Up, Up And Up'
Veteran investor Mark Mobius gave a blanket endorsement to buying gold, saying that accumulating bullion will reap rewards over the long term as leading central banks loosen monetary policy and the rise of cryptocurrencies serves only to reinforce demand for genuinely hard assets.
Gold’s long-term prospect is up, up and up, and the reason why I say that is money supply is up, up and up.Mark Mobius, Founder, Mobius Capital Partners LLP