Benchmark indices NSE Nifty and BSE Sensex ended Thursday’s muted session flat. The NSE Nifty 50 rose 5.70 points or 0.03% to 17,624.45 and BSE Sensex rose 64.55 points or 0.11% to 59,632.35. In sectoral indices, Bank Nifty rose 115.50 points or 0.27% to 42,269.50 and Nifty Pharma fell 140.05 points or 1.11% to 12,485.25. The top gainers on Nifty 50 were NTPC, Adani Ports, Asian Paints, Bajaj Auto and Tata Motors while the top losers were Divis Lab, Hindustan Unilever, Dr Reddy, Eicher Motors and Hindalco.
“The ongoing Q4 earnings season is the focus area of the market. It has a negative bias due to lower than anticipated initial results announced, in especially the IT sector. The global market has been unsupportive due to expectation of another rate hike and mixed earnings released in the US. Given cautious global sentiment withdrawal by FIIs during the week has hampered the market trend,” said Vinod Nair, Head of Research at Geojit Financial Services.
Bank Nifty may see sharp correction toward 41500 if it breaches 42000
“The fight between the bulls and the bears continued in the index and the broad range of 42,000-42,500 still remains intact. A break on either side will decide the clear momentum for the index. The undertone within the range remains bullish as long as it holds the level of 42000 on the downside. The support if breached will lead to a sharp correction toward the 41,500 level,” said Kunal Shah, Senior Technical & Derivatives Analyst at LKP Securities.