Mid-Session: Sensex back in green; broader market supports Analysis for Sep 23, 2015

Posted By: Religare
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Amidst choppy trade, the Indian equities rebounded in noon session of day"s trade with benchmark Sensex and Nifty moved higher, supported by resumed buying momentum by foreign investors. The under tone remained cautious ahead of the expiry of monthly derivatives contracts later this week. Shares of metal companies were trading lower after China"s Caixin PMI fell to a six and a half year low citing fears about the health of China's economy. The preliminary Caixin/Markit China Manufacturing Purchasing Managers' Index (PMI) fell to 47.0 in September, the worst since March 2009 and below market expectations of 47.5 and August's final 47.3. Levels below 50 signify a contraction.

At 12:20 hours, the BSE SENSEX was trading at 25704.4, up by 52.56 points or by 0.2 per cent, and the NSE Nifty was quoting 7.3 points higher at 7,819.30.

In the choppy trade so far, the BSE Sensex touched an intraday high of 25706.03 and intraday low of 25386.48, while the NSE Nifty touched high and low of 7810.4 and 7723.25, respectively.

On the sectoral front, realty and bankex indices emerged as top gainers, adding 0.85 per cent and 0.57 per cent, respectively.

Leading the rally on the D-Street were Coal India Ltd. (Rs. 329.45,+1.73%), ITC Ltd. (Rs. 316.55,+1.44%), Mahindra & Mahindra Ltd. (Rs. 1203.05,+1.37%), NTPC Ltd. (Rs. 122.45,+1.37%), Vedanta Ltd. (Rs. 93.55,+1.30%), among others.

However, some selling were witnessed in blue chip stocks, such as Tata Motors Ltd. (Rs. 310.25,-1.71%), Wipro Ltd. (Rs. 586.00,-1.45%), Bajaj Auto Ltd. (Rs. 2226.95,-1.38%), Bharat Heavy Electricals Ltd. (Rs. 199.05,-1.29%), GAIL (India) Ltd. (Rs. 286.90,-0.98%), among others.

The Market breadth, indicating the overall strength of the market, was strong. On BSE out of total shares traded 2344, shares advanced were 1164 while 1066 shares declined and 114 were unchanged.

On the global front, the Asian equities slipped in negative terrain with China"s Shanghai Composite extending its biggest weekly loss amid worries that government efforts may not be enough to stave off a worsening slowdown in the world"s second biggest economy, while Hang Seng tumbled and Japanese stocks were closed today.

Story first published: Wednesday, September 23, 2015, 13:12 [IST]
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