Indian Markets Managed to Reverse Trend in Afternoon Trade

Indian Markets Managed to Reverse Trend in Afternoon Trade

After closing in deep red on Monday, the Indian markets opened flat today morning. The global market sentiments are weak and it is reflecting on the markets too. The trade tensions that are ongoing between the U.S. and China are leading to people taking precautionary measures and staying either on sidelines or taking profit home. Today morning also, the Asian peers were showing weakness.

The Indian markets, however, showed some recovery as the day progressed. They managed to reverse the bearish trend that was hovering on the indices by afternoon. The Sensex gained more than 100 points to trade around 35,377, while the other benchmark index Nifty added more around 37 points to trade at 10,694.

The Nifty pharma, Nifty midcap index and Nifty auto were all up by half to over 1 percent. The pharma rally was led by Cipla, Aurobindo Pharma, Lupin and Sun Pharma, all of which added between 1-2 percent. Similarly, Bajaj Auto, Maruti Suzuki, Tata Motors, Bharat Forge and MotoCorp added gains of around one percent to Nifty auto.

The Nifty midcap index was led by trading in Apollo Tyres, Reliance Capital, Bata India, Voltas, Biocon, Godrej Industries, India Cements, Havells India, IGL etc.

The oil & gas sector and the infra stocks were also buzzing and helping the indices to be in green this afternoon.

However, all is not good. There are 152 stocks so far that have hit new 52-week low on NSE. This includes stocks like Aban Offshore, Global Offshore, Castrol, JK Tyre, Dalmia Bharat, LIC Housing, Den Networks and Power Grid.

On BSE too, more than 200 stocks hit the new 52-week low. As a result, the market breadth is negative with more stocks declining than advancing. It is still a fight between the bulls and the bears and only closing will decide who wins the war between the two today.

Leave a Reply

Your email address will not be published. Required fields are marked *