Published on 25/04/2019 5:34:02 PM | Source: HDFC Securities Ltd

The daily markets quote by HDFC securities

Posted in Expert Views| #Expert Views #HDFC Securities

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Below is the views on the daily markets quote by Mr. Deepak Jasani, Head of Retail Research, HDFC securities.


Markets  ended  with  hefty  losses  on  Thursday on the back of derivative expiry  of the April series. The Nifty had opened on a positive note in the morning  and surged higher during the day to make a near term high of 11796 before  a selloff was witnessed in the afternoon session.

The weakness came on  the  back  of negative global cues. Chinese stock market dropped to its lowest in more than three weeks disappointed by the central bank's attempts to  lower  market  expectations  for  more  policy easing and concerns over economic  recovery  prospects.  The Nifty index ended 84.35 points or 0.72% lower at 11641.8.    

Broad  market indices like the BSE Mid Cap and Small Cap indices fell less, thereby  outperforming the Sensex/Nifty. Market breadth was negative on the BSE/NSE.     Sectorally,  the  top  gainers were the BSE Oil and Gas and Realty indices. The  top  losers  were  the  BSE  Telecom,  Metal, Bankex and Auto indices. Stockwise,  Ultra  Tech,  Grasim,  CG  Power and Hexaware have moved higher while Infratel, M&M Financial, Adani Power and Godrej CP have moved lower.    

Major  Asian markets have closed on a negative note, barring the Nikkei and Taiwan  indices. European indices like FTSE 100, CAC and DAX are trading in the  red. Technically, with the Nifty correcting sharply, traders will need to  watch if the Nifty can hold above the crucial supports of 11550 for the bulls to regain control.    

Brent  oil  prices  moving  above $75 a barrel impacted sentiments locally. Bank  stocks  came  under  pressure on derivative expiry day as lesser long positions  seemed  to be rolled over. Bharti Infratel fell after a surprise fall  in  PAT  in March quarter even as tenancy outlook after March quarter earnings  remains  muted.

Ultratech  Cement (and its holding company Grasim) rose  after Ultratech posted very good numbers for the March quarter. Sugar stocks seem to have gotten back in favour led by Balrampur, Dhampur and Dalmia. Speculative volumes in beaten down stocks like PC Jewellers, Infibeam  and  Vakrangee  have  been  rising  over  the  past  few sessions suggesting return of trader interest.  


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