MARKET COMMENT Jayant Manglik, President, Religare Broking Nifty ended flat amid volatility on the F&O expiry day, while rollover and unwinding of derivatives positions kept the participants busy. In line with the benchmark index, sectoral indices also remained volatile and ended mixed. We expect consolidation in Nifty ahead. However, there'll be no shortage of opportunities on stock-specific front. In absence of any major event on domestic front, global cues would dictate the market trend in near future. Traders should continue with stock-specific trading approach and prefer banks, auto and pharma for fresh buying.
The sentiment was also affected during the day after the rupee hit record low of Rs 70.82 against US dollar, making it the worst performing Asian currency in calendar year 2018 (CY18).
The S&P BSE Sensex ended at 38,690, down 33 points while the broader Nifty50 index settled at 11,677, down 15 points. Going ahead, investors will look forward to the June-quarter GDP data to be announced on August 31. For the quarter ended March 31, the GDP growth rate stood at 7.7 per cent.
Among sectoral indices, the Nifty Auto index settled nearly 0.5 per cent lower on Thursday due to a fall in share prices of Maruti Suzuki and Eicher Motors. The Nifty Bank index, too, slipped over 0.4 per cent led by fall in shares of private banks -- RBL Bank, IndusInd Bank, and Yes Bank. Reliance Industries (RIL) ended 1.6 per cent lower at Rs 1,274 on the BSE.
Rupee sinks to 70.82 per dollar
Continuing its free-fall, the rupee today weakened by another 23 paise against the dollar to trade at a lifetime low of 70.82 on strong month-end demand for the US currency amid sustained foreign fund outflows.
Reliance ADAG stocks in focus
The leaders of the United States and Canada expressed optimism on Wednesday that NAFTA negotiations would meet a Friday deadline for a deal, days after the US and Mexico reached a bilateral agreement.