MARKET COMMENT Jayant Manglik, President, Religare Broking Markets started on weak note and lost nearly a percent in the end, taking breather after the recent surge. Participants were in the profit taking mood from the beginning, citing weak global markets and overhang of the rate hike further deteriorated the sentiment. Almost all the sectoral indices, barring Pharma, closed lower while broader market indices managed to end on flat note. We reiterate our "buy on dips" approach in Nifty till 11,100 is intact. Stocks are witnessing volatile swings across the board, thanks to the ongoing earnings season and require extra caution during selection. Private banking counters still top our preferred list along with select stocks from auto, pharma, FMCG space for short term trades. We advise keeping close watch on earnings and cues from the world markets for further clarity
The S&P BSE Sensex ended at 37,165, down 356 points while the broader Nifty50 index settled at 11,245, down 101 points. Among individual stocks, Bharti Airtel settled 3.25 per cent lower at Rs 371.20, while Maruti Suzuki ended 2.15per cent down at Rs 9,140.
The Nifty Auto index settled nearly 1.5 per cent down due to a fall in share prices Motherson Sumi Systems and Maruti Suzuki. The Nifty Realty index ended over 1.5 per cent lower due to Godrej Properties and DLF.
(with wire inputs)