Mumbai: The market got truncated in the first week of October on a pessimistic note despite gains of close to three per cent in trade on Friday. Shocking ratings downgrade from Moody's, first on SBI, and then, 21 European banks spooked the financial sector across the globe. Bank Nifty recorded fresh 52-week lows this week, and there is still more downside in the near term.
The traders on Dalal Street will not be too rejoiced going into the weekend by Friday's pullback since Nifty is trading perilously close to its 52-week low of 4720.
The Sensex shut shop at 16232.54 up 440.13 points or 2.79 per cent and the Nifty closed at 4888.05 up 136.75 points or 2.88 per cent.
The breadth of the market was encouraging for bulls. About 1848 shares advanced, 985 shares declined, and 880 shares remain unchanged.
Metal, banks, realty, capital goods and auto stocks were star performers of the day. All BSE sectoral indices ended in green.
Top gainers on the Sensex were Sterlite Ind at Rs 113.45 up 8.56 per cent, Jindal Steel at Rs 481.95 up 8.22 per cent, Tata Motors at Rs 158.80 up 7.73 per cent, ICICI Bank at Rs 824.30 up 5.82 per cent and DLF at Rs 218.45 up 5.81 per cent.
Top losers on the Sensex were Bharti Airtel at Rs 354.80 down 3.34 per cent and Hero Motocorp at Rs 1,941.05 down 0.26 per cent.
F&O Wrap: Nifty Open Interest Put Call ratio now stands at 1.38 versus 1.36. Nifty October futures added 12 per cent in open interest on back of short covering. In the options space, Nifty 4800 Call shed 4.4 lakh shares in open interest. Nifty 4800 Put added 7.7 lakh shares in open interest suggesting an intermediate support for the market next week.
Broader Markets: The broader markets underperformed largecaps in trade today. BSE Midcap and Smallcap indices managed gains of little over 1 per cent each compared to Sensex gains of 2.8 per cent.
Top gainers on the BSE Midcap - Godfrey Phillip, TTK Prestige, Shoppers Stop, and Indiabulls were up 8-20 per cent.
Top gainers on the BSE Smallcap - Bedmutha Ind, Electrotherm, Uflex, Spanco and Nitin Fire Prot were down 11-20 per cent.
Turnover: The total turnover for the day stood at Rs 113090.77 crore. Segment wise breakup- NSE Cash: Rs 10913.32 crore, BSE Cash: Rs 2067.55 crore, NSE F&O: Rs 100109.9 crore.
Movers & Shakers
Bedmutha Ind, Electrotherm, Uflex, Emmsons Internatioanl and Axis Capital clocked handsome gains in the range of 14-20 per cent.
Maan Aluminium, WH Brady, Joonktollee Tea and Hariyana Ship were bleeding in red.
Technical Check: Chandan Thapadia, Head- Technical, AnandRathi says, "Nifty has taken multiple supports around 4700 mark which now acts as a safe zone for the market. A close above 4850 suggests Nifty can touch 4950-5000 mark in the coming days. We expect the Nifty to consolidate in the range of 4700-5000."
Hitesh Seth, Technical Head, Prabhudas Lilladher says, "The bias will remain positive next week. Nifty may trade in the range of 4775-5025. Bank Nifty will float in the range of 8600-9200."
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