Mumbai: Traders on Dalal Street shut the screens on a watchful note as they booked profits leaving nothing on the desk. The focus now shifts to the EU Summit scheduled to be held on Friday.
Stock markets across the globe have pinned hopes on this summit and recent movement in stocks indicates the outcome will be constructive.
The Sensex ended at 16877.06 up 71.73 points or 0.43 per cent and the Nifty closed at 5062.60 up 23.45 points or 0.47 per cent. The breadth of the market was encouraging for bulls. About 1484 shares advanced, 1370 shares declined, and 885 shares remain unchanged.
IT shines yet again
Wipro, Infosys and HCL Tech played a vital part to end the Nifty in green. ADAG stocks also landed hand to IT stocks. Telecom stocks cracked on Wednesday. Idea and Bharti shed 6 per cent and 3 per cent respectively.
Movers & Shakers
Dewan Housing, Indiabulls, Glodyne Techno, Anant Raj Industries, Pantaloon Retail, Parenteral Drug, Natco Pharma and Steel Strips Wheels were star performers in the broader markets.
Indiabulls Real, Rallis India, Kwality Dairy, Fresenius Kabi, Guj Flourochem, Sabero Organics, Fineotex Chem and Shristi Infra were bleeding in red.
Top 3 news of the day
The Government takes a U-turn and puts FDI in retail on hold.
Pantaloon Retail denies Future Capital stake sale report.
JP Associates is looking for strategic investors in cement business.
Chart check
Nifty has formed an inverted doji pattern on the daily charts which is a bearish sign in the short term. The broader consensus is that Nifty can rally upto 5200 mark depending on the outcome of EU summit. On downside, 5000 remains key support level.
F&O Wrap
The Nifty December futures added close to 9 per cent in open interest. However, the premium trimmed from 31 points to sheer 4 points. Nifty Open Interest Put Call Ratio also fell from 1.26 to 1.22. India VIX closed at 26.44 up 6 per cent. All this sums up to a slightly bearish outlook.
Nifty 5100 Call added 357000 shares in open interest. Nifty 5100 Put added 616500 shares in open interest. The broader range for the market still remains 4700-5100.
Rupee
The rupee flip-flopped on Wednesday as traders juggled with oil importer demand for dollars and positive local shares, with hopes of concrete steps from Friday's European summit to resolve the region debt crisis also supporting sentiment.
Gold
Gold has been a conundrum in the last couple of months. For its most ardent fans, it has been a downright disappointment.
Comments
0 comment