CLOSING BELL: Sensex, Nifty End Flat & Green. Adani Stocks Rise

At close, BSE Sensex was trading 78.94 points up at 57,634.84 and Nifty50 ended 13.45 points up at 16,985.

New Delhi: Indian indices opened flat today amid  concerns of volatility owing to chaos in the global financial sector after the problem at Swiss bank Credit Suisse. Sensex climbed up to 57,887.46 and Nifty touched a high of 17,062.45 during the day’s trade.

At close, BSE Sensex was trading 78.94 points up at 57,634.84 and Nifty50 ended 13.45 points up at 16,985.

“Today, the market was volatile with the Nifty experiencing a low of 16850 and a high of 17062. However, it closed near yesterday’s closing level due to news about a potential bailout for Credit Suisse Bank and a good recovery in the global market. Moving forward, the market’s focus is on the ECB rate hike decision this evening, which will provide fresh trading direction. In addition, crude oil prices have decreased by over 5%, which is positive news for the Indian economy. Technically, the market is oversold, and we may see a bounce up to 17200 with support at 16800-16750. Looking at the global market, there is a possibility of a small bounce, but the overall trend remains bearish. The positive takeaway however was that Nifty snapped a five-day losing streak. Bank Nifty too ended a tad above the dotted lines, up 0.21%. Nifty Metals index however tumbled the most on recession fears, down 2.32%,” said Prashanth Tapse – Research Analyst, Senior VP (Research), Mehta Equities Ltd.

“Markets reversed the downward trend to end with modest gains as a major rebound in the stock of the troubled financial company Credit Suisse provided some hopes to traders after the Switzerland government stepped into support the financial giant. Indian markets outperformed its Asian peers after buying in financials, oil & gas, power and realty stock led the
recovery. Technically, the market has formed a reversal formation after hitting the key support near 16900/57450 and 16800/57150 levels. 17100/58000 will be a major hurdle for the market on Friday, and a decisive breach of it will help the market to move higher. Towards 17250-17275/58400-58500 levels. There is support at 16900/57450 and 16850/57150. On breaking 16850/57150, the Nifty/Sensex may slide towards 16750/56850 or 16600/56400 levels. For Bank Nifty, the important resistance level is 39500, above which it will bounce towards 40000 and 40200 levels,” said Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities Ltd.

SENSEX TOP GAINERS

• NestleInd: 2.54 per cent
• Titan: 2.37 per cent
• Asian Paints: 2.32 per cent
• HUL: 2.27 per cent
• Sun Pharma: 1.84 per cent

SENSEX TOP LOSERS

• Tata Steel: -3.31 per cent
• IndusIndBank: -2.31 per cent
• Bharti Airtel: -0.98 per cent
• Infosys: -0.93 per cent
• Wipro: -0.81 per cent
• HCL Tech: -0.70 per cent

NIFTY TOP GAINERS

• Adani Enterprises: 5.74 per cent
• Adani Ports: 4.19 per cent
• Asian Paints: 3.11 per cent
• Tata Steel: 2.16 per cent
• Titan: 1.88 per cent
• BPCL: 1.47 per cent

NIFTY TOP LOSERS

• Bharti Airtel: -1.92 per cent
• IndusIndBank: -1.90 per cent
• Reliance: -1.69 per cent
• HUL: -1.45 per cent
• SBIN: -1.45 per cent