Market Wrap-up - Tuesday, 9th September - Angel Broking
Mr. Aamar Deo Singh - Head Advisory, Angel Broking Ltd
"Markets bounce from the low of the day, with the benchmark indices trimming morning losses but still ending in the red, Nifty 50 closed @11278, down 39 points. Declines outnumbered advances by almost 2:1, indicating that a broad-based selling ensued during the day. Financials witnessed the most selling today, with the Bank Nifty, down by over 2%. However, gains in heavyweight Reliance along with gains in pharma and metal stocks provided support. Amongst the Top 3 Nifty gainers were Zee, Tata Steel & Cipla whereas the Top 3 Nifty Losers were SBI, Gail & Bajaj Finserv. Overall, Nifty is witnessing selling pressure at higher levels, with resistance seen around 11400-11500 zone whereas support is seen around 11000-11050."
Mr. Keshav Lahoti, Associate Equity Analyst, Angel Broking Ltd
"Throughout the day Indian indices traded in red, although in the later half of the day the market has bounced up from day's low. Sensex and Nifty closed down by 171 points (0.45%) and 39 points (0.35%) respectively. Although like yesterday, today also Nifty outperformed Nifty Smallcap 100 (down by 1.51%) and Nifty Midcap 100 (down by 0.54%). Bank Nifty continues to be in correction mode as the ongoing case on loan moratorium in Supreme court continues to act as an overhang with the next hearing date scheduled on the 10th of September. Nifty Pharma was back in green strongly after a few days of correction was up by 1.90%. Top gainers of the Nifty were Zee Entertain (3.65%), Tata Steel (3.04%) and Cipla (2.73%). Top losers of the Nifty were SBI (4.51%), GAIL (3.70%) and Bajaj Finserv (3.33%). Global cues were positive as FTSE, Dow Futures and Nasdaq Futures were up by 0.87%, 0.62% and 1.92%. respectively."