The market ended flat with the Sensex closing 1.25 points lower at 35,591.25, while the Nifty-50 fell 0.40 points to settle at 10,651.80. The broader market outperformed the frontline indices with the BSE Mid-Cap and Small-Cap indices ending in positive territory.
Tata Steel (up 5.14 per cent), Bajaj Finance (3.36 per cent), Axis Bank (4.56 per cent,) ICICI Bank (5.29 per cent), Coal India ( 1.21 per cent), SBI (2.40 per cent), L&T (1.35 per cent) and M&M (1.15 per cent), were the major Sensex gainers.
Kotak Mahindra Bank (down 2.35 per cent), HDFC (-1.74 per cent), ITC (-1.35 per cent), RIL (-1.33 per cent) and HDFC Bank (-1.24 per cent), Yes Bank (-1.58 per cent) and Bajaj Auto (-2.65 per cent) were the major Sensex losers.
Among the sectoral indices on the BSE, Metal (up 1.89 per cent), Bankex (1.36 per cent) and Capital Goods (up 1.18 per cent), outperformed the Sensex.
Technical view
Jay Thakkar, head-technical & derivatives research & AVP-equity research, Anand Rathi Shares & Stock Brokers, said: “The Nifty closed in the negative territory, however, on the hourly charts it seems to have formed a double bottom pattern, which is a positive sign for the bulls. Now, on the lower side, it has a support at 10,580 levels and till those levels are held there can be a retracement till 10,758. If 1,0580 breaks then it will fall till 10,530 levels.
“The Sensex too closed in the negative territory. The index has a support near 35,450 levels and till those levels are held there can be some bounce till 35,700 levels.”
Market view
Vinod Nair, head of research, Geojit Financial Services, said: "The market fluctuated between gains and losses and ended with a marginal loss while the global market was positive. Risk for further downside in FY19 earnings due to mixed third quarter results and upcoming interim budget refrained investors from going long. At the same time, a dichotomy was seen in 10-year yield, which is softening currently in expectation of ease in monetary policy and is giving a ray of light to the market."
