Taking Stock | Market ends flat amid volatility; realty stocks shine

After a strong close in the previous session, the Indian equity market witnessed muted trading on the first day of the December F&O series, with Sensex closing 20.96 points or 0.03 percent higher to mark a new closing high of 62,293.64, while the Nifty rose 28.70 points or 0.16 percent to close at 18,512.80.

For the week, BSE Sensex and Nifty50 rose 1 percent each.

Amid weak Asian markets, (holiday in US markets) the domestic indices started on flat note with negative bias and remained in the red for most part of the session, however, last-hour buying helped to close with minor gains.

"After clocking record highs in the previous session, domestic indices traded with volatility amidst mixed global cues and rising crude prices. While FIIs turning net buyers is a positive, the lack of fundamental triggers will limit the upside, keeping the market volatile in the short term. Rising COVID restrictions in China continue to negatively impact the global growth forecast," said Vinod Nair, Head of Research at Geojit Financial Services.

Stocks and sectors

HDFC Life, Tata Motors, Hero MotoCorp, Reliance Industries, Coal India were among the top Nifty gainers, while losers included ICICI Bank, Nestle India, Kotak Mahindra Bank, Titan Company and Apollo Hospitals.

On the other sectoral front, Nifty auto, energy, infra, information technology and pharma indices were up 0.5 percent each. However, some selling was seen in the bank and FMCG names.

BSE Midcap and Smallcap indices rose 0.5 percent each.

On the BSE, realty index added 1 percent, while auto, metal and oil & gas indices gained 0.5 percent each. On the other hand, FMCG, power and bank indices ended in the red.

Among individual stocks, a volume spike of more than 100 percent was seen in Punjab National Bank and Bharat Heavy Electricals.

A long build-up was seen in Indiabulls Housing Finance, Bharat Heavy Electricals and Power Finance Corporation, while a short build-up was seen in Shriram Transport Finance Corporation, ICICI Prudential Life Insurance Company and Siemens.

Bank Of Baroda, Bharti Airtel, Canara Bank, Dredging Corporation Of India, Escorts Kubota, ICICI Bank, Hindustan Aeronautics, ION Exchange, Punjab National Bank, Union Bank Of India, among the stocks that touched their 52-week high on the BSE.

Outlook for November 28

Apurva Sheth, Head of Market Perspectives, Samco Securities

The Nifty50 on the daily chart is trading in a higher high higher bottom formation and the extended up move in the prices indicates a strong bullish trend. In the recent minor throwback prices have taken support near its 21-day exponential moving average and an instant rebound was seen post that.

Now the rule of polarity will be applied in Nifty where prior resistance will act as an immediate support for the market. The momentum oscillator RSI (14) on the daily chart has formed a bullish hidden divergence 55-60 levels and post that index started to move higher with further strength.

On the technical ground, the support for the index is placed near 18250 and any move below the same will extend the fall till 18100 levels. Similarly on the higher side 18650 will be the immediate resistance and followed by 18800 levels.

Ajit Mishra, VP - Technical Research, Religare Broking

Markets took a breather after Thursday’s surge and ended almost on a flat note. The Nifty index opened marginally lower and oscillated in a narrow range till the end to close at 18,512.75 levels. Meanwhile, selective buying in the index majors from across sectors combined with a recovery in the broader pack kept the participants busy.

With the benchmark at a record high, improvement in the broader participation would play a critical role in shaping the market trend. Besides, the performance of the global markets will continue to weigh on the sentiment. We recommend following the trend and focusing on identifying the themes which could unfold ahead along with the present leaders.