Sensex Halts Two-Day Gaining Streak As RIL, HDFC Bank Drag
The Bombay Stock Exchange (BSE) building stands in Mumbai. (Photographer: Dhiraj Singh/Bloomberg)

Sensex Halts Two-Day Gaining Streak As RIL, HDFC Bank Drag

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Closing Bell: Sensex Halts Two-Day Gaining Streak As RIL, HDFC Bank Weigh

Indian equity benchmark—S&P BSE Sensex—halted their two-day gaining streak, led be the declines in HDFC Bank Ltd. and Reliance Industries Ltd.

The 31-stock index fell 0.18 percent to end at 40,284.19 and the NSE Nifty 50 fell 0.09 percent to close at 11,884.50. The broader markets represented by the NSE Nifty 500 Index closed flat.

The market remained rangebound with lots of intraday volatility for the last few days even as there were a lot of events and as the results season ended, TradingBells’ Senior Analyst Santosh Meena said.

“Global cues, especially development on the U.S.-China trade war front will have a major impact on the global as well as Indian market,” he said in a mailed statement on Friday.

Meena said the Nifty has a good chance of scaling an all-time high in the ongoing week.

The overall trend of the market is bullish and buy on dip strategy will continue to work till Nifty trades above 11,700 mark. 12,000-12,100 is one supply area but once Nifty will cross 12,100 mark, it may see further bullish momentum where 12,300 will be an immediate target. 
Santosh Meena, Senior Analysts at TradingBells

The market breadth was tilted in favour of sellers. About 945 stocks declined and 853 shares advanced on National Stock Exchange.

Six out of 11 sectoral gauges compiled by NSE traded lower, led by the NSE Nifty Private Bank Index’s 0.05 percent fall. On the flipside, the NSE Nifty Metal Index was the top sectoral gainer, up 1.63 percent.

Sensex Halts Two-Day Gaining Streak As RIL, HDFC Bank Drag

Fab Four Stocks Of The Day

Parag Milk Foods

  • Stock rose as much as 17 percent to Rs 147.80.
  • Promoters increase their shareholding to 46.2 percent as they acquired two lakh shares increasing their shareholding or 0.24 percent stake.

HIL

  • Stock rose as much as 7.5 percent to Rs ,1267.80.
  • The company has commenced production of CpVC, UpVC and SWR Pipes at Thimmapur Plant in Telengana.

HCL Infosystems

  • Stock hit upper circuit of 20 percent at Rs 8.85.
  • The company has completed the sale of its Singapore arm to PCCW Solutions for SGD 57.6 million.

Power Finance Corporation

  • Stock rose as much as 7.5 percent to Rs 119.45.
  • Fresh longs seen with high open interest of 11 percent.
  • Volumes trading its three times its 20-day average.

Stocks Moving On Heavy Volumes

Zydus Wellness

  • Shares rose as much as 4.2 percent to Rs 1,524 each.
  • Trading volume was more than 20 times the 20-day average for this time of the day.

Corporation Bank

  • Shares rose as much as 20 percent to Rs 22.05 each.
  • Trading volume was more than 12 times the 20-day average for this time of the day.

Hatsun Agro

  • Shares rose nearly 1.2 percent to Rs 594.55 each.
  • Trading volume was more than 12 times the 20-day average.

Avenue Supermarts

  • Shares declined 3.5 percent intraday to Rs 1,805 each.
  • Trading volume was more than three times the 20-day average.

(Source: Bloomberg)

Market Commentary: Global Cues To Dictate Road Ahead, TradingBells Says

The market remained rangebound with lots of intraday volatility for the last few days even as there were a lot of events and as the results season ended, TradingBells’ Senior Analyst Santosh Meena said.

“Global cues, especially development on the U.S.-China trade war front will have a major impact on the global as well as Indian market,” he said in a mailed statement on Friday.

Meena said the Nifty has a good chance of scaling an all-time high in the ongoing week.

The overall trend of the market is bullish and buy on dip strategy will continue to work till Nifty trades above 11,700 mark. 12,000-12,100 is one supply area but once Nifty will cross 12,100 mark, it may see further bullish momentum where 12,300 will be an immediate target. 
Santosh Meena, Senior Analysts at TradingBells

Market Check: Sensex, Nifty Trade Lower

Indian equity benchmarks traded lower.

The S&P BSE Sensex fell 0.25 percent to 40,252 as of 1:30 p.m. and the NSE Nifty 50 fell 0.15 percent to 11,876.

Sectoral Indices Check: Nifty PSU Bank Best NSE Sectoral Performer

Seven out of 11 sectoral gauges compiled by NSE traded lower, led by the NSE Nifty Auto Index’s 0.56 percent fall. On the flipside, the NSE Nifty PSU Bank Index was the top sectoral gainer, up 1.1 percent.

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