Sensex, Nifty end flat in lacklustre session; ITC slips 4% after Q3 numbers

In a highly volatile session, the benchmark indices ended flat amid selling in most sectors. At close, the Sensex was up 12.78 points or 0.02 percent at 51,544.30 and the Nifty was down 10 points or 0.07 percent at 15,163.30.

On the weekly basis, the Sensex added 812.67 points, or 1.6 percent, to end at 51,544.30, while the Nifty rose 239.05 points, or 1.6 percent, to finish at 15,163.30 levels.

“Markets continued their lacklustre move throughout the day. This was characterised by less than average volumes on the Nifty futures contract as well,” said Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments.

“The target of 15,500 is still open and traders can accumulate positions for this target with a strict stop below the 14,500 mark, which is good support for the index. Since the risk-reward ratio is skewed, a buy on intraday corrections would be a prudent way to enter long positions,” he added.

On the sectoral front, energy, FMCG, pharma and metal indices shed 1 percent each, while the Nifty Bank index added a percent.

Broader markets performed in line with the benchmarks, with BSE midcap and smallcap indices ending flat.

ITC, GAIL, ONGC, Sun Pharma and Coal India were among major losers on the Nifty, while gainers were Adani Ports, ICICI Bank, Infosys, Axis Bank and Wipro.

Stocks & sectors

On the BSE, selling witnessed in the auto, metal, FMCG and oil & gas space, while bank, IT and power indices ended in the green.

A volume spike of more than 100 percent was seen in Sun TV, Container Corporation and Voltas.

Long buildup was seen in Container Corporation, Motherson Sumi and M&M Financial, while short buildup was seen in Ashok Leyland, ITC and Coal India.

More than 250 stocks, including Hindalco Industries, HDFC and Adani Enterprises, hit a fresh 52-week high on the BSE.

Technical View

The Nifty formed a Doji candle on the daily scale and a small bullish candle on the weekly scale, which suggests buying at lower zones.

The index has been stuck between 15,000 and 15,250 for the past five trading sessions. It has to hold above 15,050 to move towards 15,250 and 15,500 zones, while on the downside, major support can be seen around 15,000 and 14,850 zones, said Chandan Taparia of Motilal Oswal Financial Services.