IT would lead the market

The Sensex shed 106.41 points or 0.29 per cent to settle at 36,106.50, while the Nifty fell 33.55 points or 0.31 per cent to close at 10,821.60. Both mid-cap and Small-cap indexes ended marginally higher.

Among the sectoral indices, the Oil & Gas (-0.81 per cent), the Bankex (-0.75 per cent), the Finance (-0.44 per cent) underperformed the Sensex, while Consumer Durables (+0.71 per cent), Capital Goods (+0.38 per cent), the Power (+0.31 per cent) outperformed the Sensex. IndusInd Bank (-2.36 per cent), Kotak Mahindra Bank (-1.42 per cent), ONGC (-1.37 per cent), Axis Bank (-1.05 per cent), HDFC (-0.89 per cent) and Hero MotoCorp (-0.86 per cent) were the major losers.

Tata Motors (+1.34 per cent), NTPC (+1.13 per cent), Mahindra & Mahindra (+0.99 per cent), Bajaj Auto (+0.86 per cent) and Bharti Airtel (+0.63 per cent) were the major gainers. Crude oil prices jum-ped about 5 per cent after US-China trade talks rai-sed hopes of easing tensions. Production cuts led by the Organisation of the Petroleum Exporting Countries was also a positive sign.

Technical view

Sameet Chavan, chief analyst-technical and derivatives at Angel Broking, “Today was a day of boredom or in technical terms we can call it as a consolidation. The intraday price action does not give any indication as the day turned out to be the lackluster one after Wednesday’s massive swings. It seems that markets are awaiting some triggers to confirm these patterns. At upward side, a move beyond 10,870 would unfold the rally towards 10,940 and above.”

“The recent driver ‘banking’ saw some profit booking after ‘Indusind Bank’ spoiling the mood post its quarterly numbers. Also, there was no major action seen in other heavyweight peer counters and hence, markets were unable to cross hurdles. Going ahead, aggressive bets can be taken only after a breakout from the above levels,” he added.

Market view

Jayant Manglik, president of Religare Broking said that the mrkets remained sideways for yet another session and lost nearly half a per cent. Participants preferred to sit on sidelines in absence of fresh trigger. Mostly sectoral indices traded in tandem with the benchmark index and settled marginally lower.

Markets will react to the TCS results in early trades on Friday and then anxiety of another IT major, Infosys results would take over. In short, IT pack would lead the market in the next session.

—Ashwin Punnen