Stock Market Report
Indian Stock markets remained range-bound on Tuesday after a weak opening. The NSE Nifty closed at 5,483.90 with a gain of 20 points. BSE Sensex closed 18,696 with a gain of 35 points. Technical Analysts at Angel Broking see a major support for NSE Nifty at 5400. The next support is at 5380.
Pharmaceutical counters gained in today’s trade. Sun Pharmaceuticals, Ranbaxy, Dr. Reddy’s labs and Cipla closed with decent gains. Ranbaxy and Dr. Reddy were trading in positive zone with both stocks gaining over 3.5 percent.
Major Gainers among A Group on BSE were, Jindal Steel (13.5%), Neyveli Lignite (11.5%), Escorts Limited (8.7%), Shoba Developers (8%), Ispat Industries (7%), HMT (5%) and RCF (5%).
Satyam Computers managed to close with marginal gains while Infosys Technologies and Wipro ended the day with loss. However, Mastek managed to gain over 6 percent. The volume on the counter was low.
Banking Major SBI was also down by more than 2 percent. Axis Bank and HDFC Bank were also down due to selling pressure. Suzlon Energy and Crompton Greaves also lost over 2 percent.
Auto Stocks were weak on Tuesday. Hero Honda, Bajaj Auto, Maruti, M & M were all trading in negative. Hero Honda lost over 5 percent.
The Dow Jones Industrial Average lost 108 points on Monday to close at 12635. Nasdaq was down by 30 points as selling continued
in major US stocks. Technical Analysts expect US markets to correct due to absence of any positive trigger in near term.