Nifty ends unchanged after nine years

The National Stock Exchange (NSE) 50-share CNX Nifty ended at 7108.75 on Wednesday, unchanged from the previous session's closing level after nine years. Earlier on June 1 2005, the benchmark index had closed unchanged at 2,087.55 points.

Of the 50-Nifty stocks, 30 closed in green, while the remaining 20 stocks declined by up to 4%. Reliance Industries (RIL), ONGC, Mahindra and Mahindra (M&M), HDFC, HDFC Bank, Larsen and Toubro (L&T) and Dr Reddy’s Laboratories slipped between 1-4%.

On the other hand, Bank of Baroda, Jindal Steel and Power, Tata Steel, DLF and NMDC logged gains in the range of 5-9%.

The markets remained lacklustre on Wednesday amid low volumes in absence of domestic and global cues. The total cash market turnover on NSE declined 10.7% to Rs 19,794 crore on Wednesday, as against Rs 22,162 crore in the previous session.

As per provisional data, foreign institutional investors (FIIs) made a net investment of Rs 1,520 crore on Wednesday as compared to a net investment of Rs 2,026 crore on May 13.

“After a strong rally in the last three sessions, the Nifty managed to trade above 7100, which is an important resistance level. This indicates continuation of uptrend. On daily charts, the Nifty has formed Doji pattern, which indicates strong price reactions in the coming sessions. From a short-term perspective, important support levels for the Nifty are 7,060 and 7,000 and 7,160 – 7,200 is a major resistance,” said Shrikant Chouhan, head of technical research at Kotak Securities.