Taking Stock: Sensex, Nifty end flat amid volatility; metal, pharma outperform

Today's Market

Indian markets ended flat on April 5 after a highly volatile session, with the Sensex closing 42.07 points, or 0.09 percent, higher at 49,201.39 and the Nifty ending 45.70 points, or 0.31 percent, up at 14,683.50.

“The Index is trading in a range between 14,450 and 14,900. The markets have been trading in a confused state since the last few trading sessions,” said Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments.

“If we get past 14,950 we can go ahead achieve 15,300. On the flip side, if we break 14,450, we can drop further to 14,200. Until either side is not taken out, we will continue to trade sideways with lackluster volumes,” he added.

Among sectors, metal and pharma indices rose over 1 percent each, while some selling was seen in banking names. BSE midcap and smallcap indices rose 0.8-1 percent.

Adani Ports, Tata Consumer Products, Asian Paints, JSW Steel and SBI Life Insurance were among major gainers on the Nifty, while losers were Power Grid Corp, Eicher Motors, Grasim Industries, Axis Bank and IndusInd Bank.

Stocks & sectors

BSE healthcare and realty indices rose a percent each, while banking names saw some selling.

Among individual stocks, a volume spike of more than 100 percent was seen in SAIL, Navin Fluorine International and Granules.

Long buildup was seen in the Navin Fluorine International, SRF and Dr Lal PathLabs, while a short buildup was seen in Mahanagar Gas, Trent and Siemens.

More than 150 stocks, including Tata Steel, Sobha, SRF, Infosys, hit a fresh 52-week high on the BSE.

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Technical View

The Nifty formed an inside bar and a bearish candle along with a long shadow on the daily scale.

“The Nifty has to hold above 14,700 zones to witness an up move towards 14,850 and 15,000 zones, while on the downside, support exists at 14,550 and 14,450 levels,” said Chandan Taparia of Motilal Oswal Financial Services.

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