Indian equities after the previous day's sharp fall tracking mixed Asian markets opend mildly lower. At the open, Nifty was down 0.1 per cent or 23.75 points at 24,448.35, while Sensex fell 0.16 per cent or 125.6 points at 80,095.12.

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Broader markets, meanwhile, recouped some of the previous day's sharp losses of up to 4 per cent, with Nifty Smallcap 100 index trading around 0.5 per cent higher at the last count.

Sectorally, in a mixed session, private bank, financial services, IT and FMCG indices traded with gains, while the realty index saw the most cut of nearly 2 per cent, followed by the oil & gas index.

Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services said,  "The ongoing trend of largecaps outperforming mid and smallcaps is likely to sustain, going forward. FII selling and the countervailing trend of DII buying is likely to continue. This will impart strength to largecap financials, particularly banking stocks like HDFC, ICICI, Axis and Kotak which are fairly valued in this market with elevated valuations."

Giving his outlook on the headline Nifty index- Anand James, Chief Market Strategist, Geojit Financial Services said, "While we had pencilled in 24470-23900 in as the downside objectives yesterday, our hopes were towards upside attempts attracting enough momentum. This was not to be, as the initial enthusiasm turned out to be brief, and the turn back below 24800 led to a momentous long liquidation spree that took Nifty to 24470 towards close."

Meanwhile, VIX has risen, but is still moderate, while oscillators in short term periodicities continue to allow for brief upswings, which are favoured today initially. Should they turn out to be not strong enough to reclaim 24650, then we would be heading to 24200-23900 quickly, bringing a strong H&S pattern into action, added James.

Stocks in action

Bajaj Finance shares rallied over 4 per cent to day's high price of Rs 6,958.5 even as the company posted a weak set of numbers for the quarter ended September.

Zomato shares traded with a cut of over 2 per cent at Rs 250.2 even as most brokerages raised their target price on the stock higher after its Q2 show.

Asian markets 

Meanwhile, the key MSCI Asia ex Japan index traded 0.3 per cent higher, while Asian markets traded mixed with Japan's Nikkei down 0.5 per cent, while Hang Seng and Straits Times were trading higher with gains of up to 1.5 per cent.