Indian benchmark indices continued to witness selling pressure on Jan 12 but finally pared some losses to 0.2% as investors await 2 big IT earnings – Infosys and HCL Tech and US inflation data.
The Sensex opened 22 points down at 60,083.03 but climbed 185 points in the day’s trade. It quickly reversed intraday gains of 473 points to 59,632.32. At the end of trading, the Sensex fell 150 points to close at 59,958. The Nifty also fell 38 points to close at 17,858.
The BSE Midcap index lost 0.24 percent, while the Smallcap index lost 0.02 percent.
UltraTech Cement, Larsen & Toubro, HCL Tech, Maruti and Nestle were the top gainers. On the other hand, Reliance Industries, Axis Bank, Tata Motors, Kotak Mahindra Bank and Bharti Airtel lost ground.
“Nifty remained volatile throughout the session mostly with a bearish bias as it closed below the important short term moving average (50 EMA). The daily RSI is in a bearish crossover on the daily time frame, suggesting bearish momentum. In the short term, the trend is likely to remain sideways or negative. At the higher end, resistance is visible at 18000,” said Rupak Dey, Senior Technical Analyst, LKP Securities. Support on the lower side is seen at 17750.
Most of the sectoral indices closed in the red, but IT and Media closed in the green with good gains. Banks, Oil & Gas and FMCG were the biggest losers in today’s session.
Asian shares struggled on Thursday profit taking offset optimism Ahead of data set to show a further softening in US inflation, giving the Federal Reserve room to slow hikes in interest rates.
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