With the fifth phase of General Election scheduled to be held on Monday, May 6 and the process inching towards its final phase the nervousness has begun to grip the markets.
The process inching towards its final phase the nervousness has begun to grip the markets.
With the fifth phase of General Election scheduled to be held on Monday, May 6 and the process inching towards its final phase the nervousness has begun to grip the markets.
The benchmark indices ended the truncated trading week on Friday with the 30-share Bombay Stock Exchange (BSE) Sensex and the Nifty of the National Stock Exchange (NSE) ending in the negative territory. Not only this, as many as 152 stocks on the BSE ended at their yearly bottom level, indicating markets to open weak ahead of the fifth phase of voting on Monday.
The momentum indicator, moving average convergence divergence, (MACD), showed bearish crossovers on 74 counters on BSE, indicating that these stocks may suffer losses in the coming sessions. The stocks included Adani Green Energy, United Spirits, Bata India, Hexaware Technologies, 8K Miles Software and Havells India. On the other hand, Sterlite Technologies, Reliance Naval, InterGlobe Aviation and Radico Khaitan were among 43 stocks that showed bullish crossovers.
Another momentum indicator Relative Strength Index (RSI), showed 56 stocks, including Britannia, Eveready Industries, DB Realty and Dolat Investments, in the oversold zone on BSE. On the other hand, Roto Pumps, UTL Industries, Source Natural Foods, Shukra Pharma and Steelco Gujarat were among the other 30 stocks that appeared in the overbought zone.
BSE Sensex was down by18 points and stood at 38,963 while Nifty was weaker by 13 points to end the week at 11,712 points. Both the benchmarks ended the week too, on a weak note with Sensex down by 104 points while Nifty shed 42 points, compared to last Friday’s (April 26) closing. The measures were dragged by losses in IT, FMCG and financial shares.
In the last three sessions that the past week had, the cumulative market capitalisation of BSE-listed firm slipped to Rs 151.62 lakh crore from Rs 153.08 lakh crore last Friday, making investors poorer by Rs 1.46 lakh crore.
The market succumbed to fag-end selling. After opening in the green, equity barometer Sensex traded with decent gains till the penultimate hour of the session, but a poor show by select heavyweights like TCS, HUL and Infosys played spoilsport.