Indian Stocks Remain Rangebound; Reliance, HDFC Life and Tata Steel Shine
Indian markets were trading firm on Monday but volatility was noticed among blue-chip stocks. Markets were mainly supported by Reliance Industries, Tata Steel and HDFC Life while majority of index stocks were trading negative. Reliance Industries was firm by nearly 4 percent, helping NSE Nifty by almost 80 points. Except for Reliance Industries, stocks were largely trading in negative territory or flat compared to close on Friday. Cyient DLM stock listed today with 52 percent premium to issue price.
Among major gainers in today’s session were Reliance, HDFC Life, Tata Steel, Sun Pharma, Bajaj Auto, Tata Motors, Adani Enterprises, Infosys and ICICI Bank. Bank Nifty was trading comfortably above 45,000 levels but at one time, the bank index was also in negative territory. Market experts are looking forward to a correction in Indian equities but it will depend on trends in European and US Futures markets.
In today’s trade, major losers were Titan Industries, HCL Technologies, Bajaj Finance, Hero MotoCorp, Nestle India, Asian Paints, TCS, Hindustan Lever and Wipro. Nifty midcap index was down by 200 points.
Market breadth was negative with 1980 stocks losing on NSE while 1130 stocks were trading positive.
Reliance Industries has received positive view from brokerage houses and we can also expect the stock to touch all-time highs this week. Among buzzing stocks was TVS Srichakra with rally continuing for fourth session.
Indian markets will be looking forward to global cues. US markets closed flat on Friday but this week could be volatile for world markets as investors are concerned about upcoming US Federal Reserve policy meeting.