Monday, Sep 21, 2020 | Last Update : 12:30 PM IST

180th Day Of Lockdown

Maharashtra118801585793332216 Andhra Pradesh6177765307115302 Tamil Nadu5364774812738751 Karnataka5113454048417922 Uttar Pradesh3362942632884771 Delhi2347011981034877 West Bengal2155801870614183 Telangana1713061397001033 Odisha167161133466722 Bihar164224149722855 Assam150349121610528 Kerala12221687341490 Gujarat119088999083271 Rajasthan109088906851293 Haryana103773816901069 Madhya Pradesh97906743981877 Punjab90032658182646 Chhatisgarh7777541111628 Jharkhand6710052807590 Jammu and Kashmir5971138521951 Uttarakhand3713924810460 Goa2678320844327 Puducherry2142816253431 Tripura2069612956222 Himachal Pradesh11190691997 Chandigarh92566062106 Manipur8430653951 Arunachal Pradesh6851496713 Nagaland5306407910 Meghalaya4356234232 Sikkim2119178923 Mizoram15069490
  Business   Market  22 Nov 2019  Stock market enters a consolidation phase

Stock market enters a consolidation phase

THE ASIAN AGE. | ASHWIN J PUNNEN
Published : Nov 22, 2019, 2:15 am IST
Updated : Nov 22, 2019, 2:15 am IST

According to analysts, the market is closely awaiting the GDP data, due on 29 November, before making the decisive move.

The Sensex shed 76.47 points or 0.19 per cent to close at 40,575.17, while the Nifty fell 30.70 points or 0.26 per cent to close at 11,968.40. (Photo: File)
 The Sensex shed 76.47 points or 0.19 per cent to close at 40,575.17, while the Nifty fell 30.70 points or 0.26 per cent to close at 11,968.40. (Photo: File)

The market closed marginally lower on Thursday amid profit booking, even as the Union cabinet approved the government’s mega divestment exercise.

The Sensex shed 76.47 points or 0.19 per cent to close at 40,575.17, while the Nifty fell 30.70 points or 0.26 per cent to close at 11,968.40.

 

According to analysts, the market is closely awaiting the GDP data, due on 29 November, before making the decisive move. The GDP data is likely to indicate that the slowdown in the economy was deepening.

The BSE Midcap and Smallcap fell 0.73 percent and 0.43 percent respectively. The market breadth was negative. On the BSE, 1,101 shares rose and 1,454 shares fell. A total of 206 shares were unchanged. On the Nifty, 14 stocks advanced while 36 stocks declined.

Among sectoral indices, BSE Metal was the biggest laggard, ending down 2.23 percent, followed by BSE Oil&Gas with 2.14 percent lower. The BSE Realty gained 0.45 percent.

Technical view

 

“The consolidation phase below 12K continues. The region around previous all-time highs of 12,100 is witnessing some profit booking. It's not at all unexpected to witness some retracement near all-time highs. Broader structure continues to remain positive and the uptrend is intact. Near term corrections towards the support, zone should be utilized to build long positions,” said Manav Chopra, CMT, Head Research - Equity, Indiabulls Ventures Ltd.      

The state owned company stocks were in focus today as the government kicked off a blockbuster disinvestment plan on Wednesday, lining up the sale of five public sector units (PSUs), including majority stakes in bluechip oil company BPCL and Shipping Corporation of India. BPCL was the top loser on NSE closing 6 per cent lower at Rs 512.10, while SCI slumped over 6 per cent to Rs 64.05 on BSE.

 

Market view

“We strongly feel that market is set for profit taking or consolidation prior to further rise. Traders should limit their naked leveraged trades in the index and book profits on every rise. In case of decline, 11,800-11,850 zone would act as a cushion in Nifty. Stocks, on the other hand, would continue to see movement on both sides thus maintain extra caution in the stock selection", said Ajit Mishra Vice President, Research, Religare Broking.

Tags: sensex, nifty