Indian Markets
The main Indian stock indices have kicked off the new trading day and new week on a weak note, extending losses from the last week when the two frontline indices snapped a seven-session winning streak. The BSE Sensex has lost ~100 points while the NSE Nifty has dropped below 5400 in the early morning trade. The Sensex has fallen below the 18,000 mark on Friday.
NSE Nifty was quoting 5,410, down 18 points over the previous close. It has earlier touched a day’s high of 5,449 and a day’s low of 5,406. It opened at 5,448.
The BSE Mid-Cap index was trading down 0.33%, while BSE Small-Cap index was trading flat.
FMCG and Oil and Gas indices are the gainers.
HC, Metal, PSU, Consumer Durables, IT, Power,Auto, Bankex, Realty indices are the losers.
TCS, HDFC Bank, Coal India, ONGC, Sterlite Inds, ITC, Sun Pharma, HUL were among the notable leaders in the Sensex and the Nifty.
Infosys, Wipro, Reliance Infra, RPower, RCOM, DLF, ICICI Bank, M&M, Tata Motors, BHEL,L&T,Hero MotoCorp,Tata Steel,ICICI Bank,Hindalco Inds,SBI were among the notable losers in the Sensex and the Nifty.
The market breadth is weak as the Mid-Cap shares are under-performing the Large-Cap indices. Realty and Capital Goods indices are the biggest laggards so far (down 2-2.5%) followed by Consumer Durables, Banking, Power, Auto and Metals (down 1-2%).
FMCG and Oil & Gas indices are the leaders so far while Pharma, IT, Teck and PSU indices are marginally lower.
Currency
The Rupee ended below 49-mark at 48.93/94 - its three-week high level against the Dollar on sustained dollar selling by exporters and some banks.
Key events to watch for today
India IIP (Y-o-Y)
Today’s Outlook
Today, we expect the Indian Markets to open marginally lower and remain volatile in a range throughout the session. Immediate support for Nifty is at 5400, while resistance is at 5535 levels. Among the sectoral indices, Capital Goods & Realty look weak, while Metals & IT look good and could outperform.
Sources- HDFCSEC, IIFL
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