Mumbai: The market retreated after an upmove in the previous two sessions and closed with moderate losses on Wednesday. It was weighed down by telecom, cement, FMCG, auto (barring Tata Motors) and technology stocks. Index heavyweight Reliance Industries too was under pressure.
However, the upmove in private banks and capital goods stocks capped the downside. The Sensex was down 56.72 points, to close at 15,882.64 and the Nifty fell 15.65 points, to end at 4,749.65.
Sandeep Bhatia of Kotak Institutional Equities tells investors to remain cautious on equity markets.
Bhatia says expectations are building up with the possibility of a rate cut cycle which is a huge positive for the market. He expects market to remain rangebound in the short-term.
At 14:04 hours IST : Nifty flat amid seesaw trade; Tata Motors top gainer
The market recovered from day's low amid choppy trade, supported by private banks, capital goods, oil & gas and metals stocks. The Sensex was up 20 points at 15,959.43 and the Nifty gained 5 points at 4,770.05.
Sudarshan Sukhani of s2analytics.com sees Nifty to make at least one more attempt to go towards 4,800. He suggests there is money making opportunity if Nifty moves towards 4,800 and one should buy at 4,720. "There is a gap there that can be profitable," he said.
Index heavyweights ICICI Bank and BHEL shot up 2.7 per cent-3 per cent; shares ONGC, HDFC Bank and L&T gained 1.3 per cent. Reliance Industries and SBI turned positive.
Bulls remained supportive to the Tata Motors post its sales numbers and upgradation from brokerages. The stock jumped 4 per cent as CLSA upgraded it to outperform from underperform.
Metal stocks too were shining; Tata Steel, Hindalco Industries and Sterlite Industries moved up 1.5-2.5 per cent.
However, shares of M&M extended sell-off, losing 3.5 per cent and Bajaj Auto tumbled 4.5 per cent. Hero Motocorp was down more than 2 per cent.
HUL and Bharti Airtel were down 1.5-2 per cent; DLF fell 1.25 per cent. Coal India and TCS slipped 0.5 per cent.
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