MARKET COMMENT Jayant Manglik, President, Religare Broking In a volatile trading session, the equity benchmark indices started on a positive note led by supportive global cues. However, it witnessed stiff resistance at higher levels and the index ended flat at 10,530 levels. The broader markets witnessed mixed trend. While BSE Midcap underperformed the benchmark ending lower by 0.6%, the Smallcap index ended on a flat note. On the sectoral indices front, Consumer Durables, Metals and Banking were the top losers whereas, sectors like IT and Realty ended the day in green. Amongst the global markets, Asian indices traded on a mixed note whereas European indices were trading lower. While there have been some encouraging news for Indian equities with correction in crude oil prices and reversal in USD/INR, we remain cautiously optimistic in the near term given the headwinds which persist both on domestic as well on the global front. The liquidity concerns in the NBFC sector is likely to keep investors on the edge. On the global front, US midterm elections and US FOMC meet is also likely to be on market radar. Further, with more results to be announced in 1-2 weeks, we expect stock specific volatility to continue. Thus, we would advise maintaining stock specific trading approach and focus more on position management
For Samvat 2074, the S&P BSE Sensex recorded a gain of over 7 per cent.
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