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  Business   Market  08 Jun 2019  Negative trend may continue for some time

Negative trend may continue for some time

THE ASIAN AGE. | RAVI RANJAN PRASAD
Published : Jun 8, 2019, 1:40 am IST
Updated : Jun 8, 2019, 1:40 am IST

Sensex and Nifty-50 gained close to 0.2 per cent with BSE Bankex index up 0.61 per cent and IT index up 0.39 per cent.

Sensex gained 86.18 per cent points or 0.22 per cent to 39,615.90 while Nifty-50 index gained 26.90 points or 0.23 per cent to close at 11,870.65.
 Sensex gained 86.18 per cent points or 0.22 per cent to 39,615.90 while Nifty-50 index gained 26.90 points or 0.23 per cent to close at 11,870.65.

After a volatile session benchmark indices Sensex and Nifty-50 closed with some gains on Friday as financial sector stocks made some recovery after Thursday's sharp fall.

Sensex and Nifty-50 gained close to 0.2 per cent with BSE Bankex index up 0.61 per cent and IT index up 0.39 per cent. Sensex gained 86.18 per cent points or 0.22 per cent to 39,615.90 while Nifty-50 index gained 26.90 points or 0.23 per cent to close at 11,870.65.

In the broader market stocks were under mild selling pressure as BSE Mid-Cap fell 0.17 per cent while Small-Cap fell 0.11 per cent.

The advance-decline ratio on BSE was still in favour of losers with 1,452 stocks on decline side and 1,038 stocks closing on gainers side.

Among the top gainers on BSE were IndusInd Bank (1.90 per cent), Bajaj Finance (1.69 per cent), M&M (1.49 per cent), SBI (1.36 per cent), ICICI Bank (1.28), HDFC Bank (0.95 per cent) and HDFC (0.95 per cent).

Foreign portfolio were net sellers of equities worth Rs 478.84 crore while the domestic institutions were net buyers by Rs 179.79.

Technical View
The market may move sideways in the coming week but long term trend remains bullish, analysts said.

Nagaraj Shetti - Technical Research Analyst, HDFC securities said, "The short term trend of Nifty is weak, minor upside bounce is expected next week before showing further weakness. A sustainable move below the key support of 11,760 levels could have further negative impact on the market ahead."

Mehul Kothari, Senior Technical Analyst, IndiaNivesh Securities said, "The index has been facing selling pressure every time it clears the 12K mark. At this juncture, Nifty is hovering just above the decisive support of 11,830. On the upside, 11,920 might act as an intermediate resistance for the coming session. A move above the same might bring the momentum back in the favour of bulls."

Market View
Hemang Jani, Head - Advisory, Sharekhan by BNP Paribas said, "Benchmark indices ended the week on a positive note amid volatility. The global uncertainties remains the key risk to Indian equities though markets would also react to initial policy signals especially Union Budget to be presented in July.

Tags: sensex, nifty-50