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Markets end Samvat 2072 on a flat note; Midcaps outshine

Deutsche Bank cuts Sensex target to 28,000

  Benchmark indices ended higher amid choppy trades led by buying among auto and financial shares.

The benchmark S&P Sensex closed at 27,916 level up 79 points or 0.3% whereas the Nifty50 index closed flat at 8,615 mark. The broader markets outperformed the benchmark indices. The S&P BSE Midcap and Smallcap ended nearly 1% higher.

"The occurrence of a ‘Bullish Hammer’ at the retracement support raises the expectation of a move beyond the channel pattern. A breach above 8,730 from hereon could amplify the momentum. Hence longs could be initiated with a stop below 8,540," said Sacchitanand Uttekar, Equity Technical Analyst of Motilal Oswal Securities.

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In overseas stock markets, European stocks edged lower as earnings season continues amid heightened expectations that the US Federal Reserve will raise rates in the near-term.

Asian stocks witnessed a mixed trend. US stocks settled with modest losses yesterday as a selloff in government bonds hit yield-sensitive sectors such as real estate and utilities.

PRECIOUS METALS SHINE DURING FESTIVE SEASON

Diamond-studded or platinum jewellery is leading the trend this Diwali on the back of growing change in the mind set of women, particularly those working, away from their role as homemakers, who take jewellery more as a daily wearable than buying gold as investment avenue, an ASSOCHAM survey based on jewellers' and consumer feedback has noted.

High gold prices and innovations on the part of jewellery firms, especially the large houses, is driving the change in the fashion trend.

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Even within gold jewellery, the trend is seen on lower-cost wearables, though more needs to be done to tempt consumers. Small items like earring, rings and light bangles see heavy demand.

STOCK TRENDS

Top gainers from the Sensex pack were Tata Motors, Bajaj Auto, Coal India, Tata Steel and Dr Reddy’s Labs, all surging between 2%-3%. On the losing side, ICICI Bank, Cipla, Asian Paints, Bharti Airtel and ONGC were down 1%-2%.

Shares of two information technology (IT) majors Infosys and Wipro hit their respective 52-week lows on BSE in intra-day trade on Friday.

Shares of mid-and-small sized chemicals companies were in focus and rallied by up to 20% on the BSE.

Thirumalai Chemicals, IG Petrochemicals, Plastiblends (India), Ultramarine Pigments, Vishnu Chemicals, Jayant Agro-Organics, Keltech Energies, Sudarshan Chemical Industries, Punjab Chemicals, Mysore Petrochemcials and  Philips Carbon Black were up 5% to 20%.

ALSO READ: Pharma shares surge post Q2 results
Tech Mahindra rallied 5% on the BSE after the company reported dollar revenue growth of 5% sequentially on a constant currency basis, best among its peers for the quarter ended September 30, 2016 (Q2FY17).

NMDC moved higher to its 52-week high of Rs 132 and closed up 6.2% on BSE, after the company announced signing of a tripartite pact with Government of Madhya Pradesh and Madhya Pradesh State Mining Corporation Ltd (MPSMCL) for geological and geophysical exploration for various minerals in the state.

Shriram City Union Finance surged 8% to Rs 2,546, also its record high on BSE, after the company reported a strong 34.3% year on year growth in net profit at Rs 204 crore for the quarter ended September 30, 2016 (Q2FY17), on the back of healthy net interest income.

Shares of Tata Group companies were trading higher by up to 5%, recouping part of their losses recorded in past three trading sessions.

Tata Motors, Tata Motors DVR, Tata Communications, Tata Metaliks, Tata Elxsi, Tata Teleservices (Maharashtra), Tata Sponge Iron, Tata Coffee, Tata Global Beverages were up between 2%-5% on the BSE. Tata Consultancy Services (TCS), however, was down nearly 1%.