The Indian market closed higher on November 29 after tanking in the previous session but selling in realty, PSU bank, pharma, oil & gas and power stocks and limited the gains amid worries about the new coronavirus strain.
The markets started the day on a negative note but recovered to trade in the green amid volatility. At close, the Sensex was up 153.43 points, or 0.27 percent, at 57,260.58, and the Nifty was up 27.50 points, or 0.16 percent, at 17,054.
“Domestic indices trimmed its early losses to trade modestly higher backed by IT and healthcare stocks amid lingering worries over the emergence of the new Covid variant,” said Vinod Nair, Head of Research at Geojit Financial Services.
Global markets traded mixed as investors were torn between buying on dips and the uncertainties over the impact of Omicron on economic recovery, he said. The global market, however, had factored the near-term uncertainty limiting further downside, he said.
“On the domestic front, the telecom sector was in focus as all sector majors reported a rate hike, signalling an end to the low-tariff regime,” Nair added.
The broader indices underperform the main indices, with BSE midcap and smallcap indices falling 1-2 percent.
Kotak Mahindra Bank, HDFC Life, HCL Technologies, TCS and Wipro were among the major Nifty gainers. The losers included BPCL, Sun Pharma, UPL, ONGC and Adani Ports.
Among sectors, the Nifty IT index rose 0.7 percent. Pharma, PSU bank and energy indices fell 1-2 percent. Nifty auto and FMCG indices shed 0.5 percent.
Stocks and sectors
On the BSE, except IT, all sectoral indices ended lower with power, realty and oil & gas down 1.5-2 percent.
Among individual stocks, a volume spike of more than 100 percent was seen in Coromandel International, GSPL and Dr Lal PathLabs.
A long build-up was seen in Dr Lal PathLabs, Torrent Pharma and Crompton Greaves Consumer Electrical, while there was a short build-up in Mphasis, Indian Hotels and IOC.
More than 200 stocks, including Welspun Corp, Lyka Labs, and BEML hit a 52-week high on the BSE.
The Nifty formed a Doji candle with a long lower shadow on the daily scale, which indicates buying interest at lower zones but it has been making lower lows for the last three sessions.
If the Nifty stays below 17,200, the bounce could be sold and weakness may be seen towards 16,800 and 16,500 zones. Medium-term hurdles can be seen at 17,350 and 17,500, said Chandan Taparia, vice president, analyst-derivatives, at Motilal Oswal Financial Services.
Outlook for November 30
Rohit Singre, Senior Technical Analyst, LKP Securities
Immediate support for the Nifty is coming near 16,930-16,800 zone and on the higher side, the index has a stiff hurdle around 17,150-17,270. One can look for trimming their longs around mentioned resistance zone.
Overall, strength will come only above 17,350 zone and till it trades below 17,350, we may find the sell-on-rise structure intact.
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