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Below the Quote on Market closing comments by Mr Shrey Jain, Founder and CEO SAS Online - India's Deep Discount Broker

Thursday saw the markets starting off steadily; however, a lack of momentum resulted in the Indian stock market remaining stagnant throughout the day. Nifty 50 dropped by 17 points, ending at 19,794, and Sensex fell by 64 points, concluding the day at 66,408.

The market ended slightly down, mainly because of disappointing TCS quarterly earnings, impacting the IT index. Top 5 losers were all from IT, including TCS, which saw a 2% drop in post-results and buyback news. Even before the results, Tech Mahindra, Wipro, Infosys and HCL Tech stocks fell by 1 to 2%.

On the positive side, there was increased demand for metal, energy, and auto stocks. However, the market undertone is still bullish. We maintain our perspective that a convincing close above 19,880 will pave the way for a rally to 20,000. Conversely, a strong support area lies between 19,720-19,760 on the downside.

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