Volatile week on D-St; Sensex fall more than 150 points, Nifty holds 12K

It was a volatile week for Indian markets as benchmark indices closed in the red for three out of 4 trading sessions. The S&P BSE Sensex dropped more than 150 points, while Nifty50 slipped below 12,100 levels.

On a weekly basis, the Nifty50 closed with losses of 0.27 percent while the S&P BSE Sensex fell 0.21 percent for the week ended February 20.

Let’s look at the final tally on D-Street – the S&P BSE Sensex fell 152 points to 41,170 while the Nifty50 was down 45 points to close at 12,080 on Thursday.

Indian markets will remain shut on Friday on account of a public holiday.

Sectorally, action was seen in metals, telecom, banks, power, and healthcare stocks while profit-taking was visible in Energy, oil & gas, IT, consumer durables, and FMCG.

Broader markets outperformed frontliners as the S&P BSE Midcap index closed 0.4 percent higher while the S&P BSE Smallcap index was up 0.51 percent.

Experts are of the view that volatility is likely to continue on account of coronavirus and investors will also take cues from the Trump-Modi meeting due next week. Although, no trade deal is expected but commentary towards opening trade in the future will be watched, suggest experts.

Top Nifty gainers: ZEE Entertainment, SBI, Tata Steel, and IndusInd Bank

Top Nifty losers include stocks like TCS, HUL, Asian Paints, and Cipla

Stocks & Sectors:

Sectorally, action was seen in the S&P BSE Metal index which rose 0.9 percent, followed by the S&P BSE Telecom index (up 0.55 percent), and the S&P BSE Bankex (up 0.39 percent).

Profit taking was visible in Energy which was down 0.95 percent, followed by the S&P BSE Oil & Gas (down 0.78 percent), and the S&P BSE IT index (down 0.75 percent).

Volume spike of 100-700 percent was seen in SRF, Biocon, Escorts, Sun Pharma, Indiabulls Housing Finance, and Max Financial Services.

Long Buildup was seen in stocks like MindTree, Sun Pharma, Axis Bank.

Short Buildup was seen in stocks like Grasim, Escorts, and Wipro

Nearly 100 stocks on the BSE hit their fresh 52-week highs. These include Bajaj Finance, SRF, Dr Reddy’s Laboratories, Divis Laboratories, IRCTC, and Amber Enterprises.

On the losing front, there are more than 170 stocks that hit fresh 52-week low. These include Sobha, Future Lifestyle, ENIL, Hindustan Zinc, DB Corp, and Jayant Agro.

Stocks in news:

Max Financial: Shares of Max Financial Services climbed 9 percent after a media report indicating that Axis Bank could be buying 20 percent stake in the company.

Future Lifestyle: Future Lifestyle Fashions share price fell 2 percent after the company approved to issue shares to IFC and promoter entity.

Jayant Agro: Jayant Agro-Organics share price fell 4 percent after CRISIL downgraded the company’s long-term credit rating, citing fall in castor seed price.

Simplex Infra: Simplex Infrastructures share price jumped almost 5 percent following reports that Adani Group is buying an equity stake in the company.

Thomas Cook: Thomas Cook (India) share price rose almost 20 percent after the company said it will consider buyback of shares.

Technical View:

Nifty formed a bearish candle on daily charts.

The price chart of Nifty remains week as this counter is struggling to get past its 50-day exponential moving average placed at 12,141.

Momentum on the upside shall pick up on a strong close above 12,150 levels, suggest experts.

Traders can retain positive stance as long as Nifty sustains above 12,040 levels but it looks prudent to initiate fresh longs in Nifty only on a close above 12,150 levels, they say.

Three levels: 12071, 12152, 12300

Max Call OI: 12300, 12500

Max Put OI: 12000, 11800

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