Equities gave away intraday gains and ended flat on Thursday, as profit booking emerged at key resistance levels. Volume was low for the second straight day as traders were cautious of taking fresh long positions.
The indices opened on a firm note and gradually built on the positive start. By afternoon the Nifty kissed its 52-week high but failed to hold on to that level and bout of profit booking stripped the benchmarks of all the gains. “For the past three months Nifty has been consolidating in the range of 5200-4500. One of the positives of the current trend is that we are consolidating at the upper band. There are chances that we may see a positive breakout, unless some negative newsflow changes the market mood,.
Bombay Stock Exchange’s Sensex closed at 17,185.68, up 15.77 points or 0.09 per cent. It touched an intra-day high of 17,361.27 and low of 17,128.21.
National Stock Exchange’s Nifty ended at 5,131.70, up 8.45 points or 0.16 per cent. The 50-share faced resistance at 5,181. It fell to an intra-day low of 5,106.60. "Once 5,200 is crossed on huge volumes and Nifty is able to holds these levels for over a week, we can then decisively say the range is broken. 5,100 will then act as a strong support. On the downside, 4,500 will act as a medium-term support.
The BSE Midcap Index was up 0.39 per cent and BSE Smallcap Index gained 0.92 per cent. Amongst the sectoral indices, BSE Healthcare Index was up 1.66 per cent, BSE Metal Index gained 1.19 per cent and BSE Realty Index jumped 0.58 per cent. BSE Auto Index was down 0.31 per cent and BSE Capital Goods slipped 0.06 per cent.
Biggest Sensex gainers were Reliance Communications (2.54%), Hindalco Industries (2.42%), ACC (2.05%), Grasim Industries (2.04%) and State Bank of India (2.02%).
Losers were Tata Motors (-3.34%), Hindustan Unilever (-1.89%), Jaiprakash Associates (-1.11%), ICICI Bank (-1%) and Hero Honda (-0.95%). Market breadth on BSE remained positive with 1,653 advances against 1,114 declines.
European markets were in the positive terrain led by banks. US markets were also expected to open in the green. At 5:30 pm IST, Dow Jones stock futures were up 0.37 per cent, S&P 500 moved 0.42 per cent higher and Nasdaq 100 gained 0.31 per cent.
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