Tuesday, Jul 23, 2019 | Last Update : 04:56 PM IST

Negative moment seen in market

AGENCIES | ASHWIN J PUNNEN
Published : Apr 19, 2019, 2:34 am IST
Updated : Apr 19, 2019, 2:34 am IST

Among the sectors, oil & gas was the sole gainer, while banks, capital goods, FMCG, metals, realty, power and telecom ended in losses.

The markets ended marginally lower after a lacklustre trading day on Thursday ahead of a long weekend.
 The markets ended marginally lower after a lacklustre trading day on Thursday ahead of a long weekend.

The markets ended marginally lower after a lacklustre trading day on Thursday ahead of a long weekend. The Sensex closed 135 points or 0.34 per cent lower at 39,140, while the Nifty ended at 11,752, down 34 points or 0.29 per cent as most of the Asian markets ended in the negative as Japanese manufacturing activity contracted at a slightly slower pace in April.

Among the sectors, oil & gas was the sole gainer, while banks, capital goods, FMCG, metals, realty, power and telecom ended in losses.

Jet Airways plunged 31.5 per cent after it announced temporary halt to operations.

DHFL, Idea, Yes Bank, Vedanta, Hindalco and IB Real estate were some other losers. Reliance Industries gained 3.1 per cent after the company announced that Mitsui O.S.K. Lines would acquire strategic stake in its six group companies.

During the week, the Nifty gained 0.9 per cent driven by the Index heavyweights like Tata Motors, TCS and HDFC Bank. On the sectoral front weekly major gainers were auto (2.2 per cent), metal (1.3 per cent) and IT (1.1 per cent), while on the flip side, PSU bank (2.7 per cent), media (2.6 per cent) and realty (1.9 per cent)

Technical View
“Technically there has been minor profit booking and consolidation in the last few days which are due price wise and time wise given the depth of current bullish run. This also makes the market a bit healthy taking out the weaker money and attracting fresh money. We believe any correction to 11650 - 11600 should work well for bulls and we may see a continuation from those lower levels,” Mustafa Nadeem, CEO, Epic Research said.

The global markets were trading in a very small range amid indecision as there was also some profit booking despite a better than expected number from China of Industrial Production and Retail Sales and US manufacturing Index as well.

Market View
Analysts said the investors resorted to mild profit booking post the recent rally given truncated week on account of extended holidays and mixed global cues. “Investor turned cautious ahead announcement of results from key Index heavy weights including large corporate banks. Consolidation was broad based with PSU banks and metals underperforming. Despite mixed flows from DIIs, downside was capped by positive flows from FIIs given good start to Q4 results,” said Vinod Nair, Head of Research, Geojit Financial Services.

Tags: jet airways, sensex updates