Stock market: Sensex and Nifty closed flat amid sharp recovery. Growth has been seen in IT, oil and gas stocks. Indian equity indices closed flat with Nifty in a heavily-volatile trading session on January 8. At the end of the trading session, Sensex closed at 78,148.49, down 50.62 points or 0.06 per cent. At the same time, Nifty closed at 23,688.95 with a decline of 18.95 points or 0.08 percent. Today about 1336 shares rose, 2466 shares declined and there was no change in 96 shares.
ONGC, ITC, Reliance Industries, Asian Paints, Dr Reddy’s Laboratories have been among the top gainers on Nifty. While Apollo Hospitals, Trent, Bajaj Auto, UltraTech Cement and Shriram Finance were the top losers of Nifty.
BSE Midcap and Smallcap indices fell by 1 per cent each. If we look at different sectors, there was an increase of 0.3-1 percent in FMCG, Oil and Gas, IT and Telecom. Whereas Realty, PSU Bank, Pharma, Metal, Media, Bank, Auto declined by 0.4-1 percent.
Aditya Gaggar, Director, Progressive Shares It is said that a volatile trading session was witnessed in the market today. Initially the bears pulled the Nifty down by more than 200 points. The main reason for this was weak GDP estimates. However, Nifty found support around 23500 level and saw recovery with the help of strong performance of heavyweight stocks. This support helped the market recover and it finally closed at 23,688.95 with a slight fall of 18.95 points.
Today Nifty formed a Bullish Hammer candlestick pattern and tested the lower end of the Symmetrical Triangle formation indicating a trend reversal. Today’s low of Rs 23,500 is now seen as immediate support. On the upside, there will be important resistance in the zone of 23,800-23,900.
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Vinod Nair, Research Head, Geojit Financial Services It says that slow estimates of economic growth and caution before the third quarter data increased volatility in the market. However, the market witnessed a recovery from the day’s low on the back of buying in the much battered blue-chip stocks and expectations of reforms by the government in the upcoming budget to revive the sluggish economy. The market’s near-term sentiment is likely to remain weak due to a rise in US bond yields and fears of a lower interest rate cut by the US Fed.
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