Market Analysis from HDFC Securities

Nifty shrugs off weak global cues; Ends with minor losses

 After opening 117 points lower, Nifty extended its decline in the initial trades to touch an intraday low of 25,904. However, the index demonstrated remarkable resilience, staging a sharp recovery from the lows. It clawed back over 140 points to close near the session’s high with a minor loss of only 19 points at 26,027. Cash market volumes on the NSE were notably lighter, down 8% compared to last Friday.

Indigo, Trent, and Hindustan Unilever led the pack of Nifty gainers, while selling pressure was concentrated in M&M, Eicher Motors, and ONGC, which ended as the major losers.

Sectoral performance was a mixed bag. Media, FMCG, and Consumer Durables ended the day as the top performers. Conversely, Auto, Pharma, and Financial Services were under pressure and ended as major losers.

Midcap and smallcap indices held steady near prior closing, with Nifty Midcap 100 off 0.12% and Nifty Smallcap 100 up 0.2%. Market breadth remained strong for the third consecutive day, with the BSE Advance-Decline Ratio at 1.11, suggesting continued selective interest and rotation into Mid/Small space.

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