Market Closing Podcast on May 22, 2018

Moneycontrol News

The S&P BSE Sensex snapped its 5-day losing streak and closed in positive making a small bullish candle on the daily candlestick charts on Tuesday. The Nifty50 also held on to its crucial support level placed at 10,500 levels, but closed below its 100-days moving average placed around 10,540.

The markets opened the day lower for the session on the back of geopolitical worries and flattish Asian markets, most of which were closed with today being Buddha's birthday.

“This downtick (morning trade) was soon bought into with the indices recovering and heading higher into the close, a whole host of results were announced intraday. SBI was a stark out-performer with results which were much better than expectations,” Nikhil Kamath, Co-Founder, Zerodha told Moneycontrol.

“Auto companies fared well in trade today with Bajaj -Auto, and Tata motors both notching gains of over three percent, whereas cement and Pharma underperformed for the session. We continue to hold a bearish outlook overall and would not advocate entering fresh longs at this juncture,” he said.

Sectorally, the S&P BSE Auto index rose 1.7 percent, followed by the S&P BSE metal index which rose 1.5 percent, and the S&P BSE Realty index rose 1.2 percent.

On the losing side, the S&P BSE oil & gas index slipped 0.4 percent, followed by the S&P BSE Energy index which dropped 0.28 percent, and the S&P BSE FMCG index slipped 0.1 percent.

The S&P BSE Midcap index and the S&P BSE Smallcap index rose 0.65 percent each, respectively.

Top Sensex gainers include names like Dr Reddy’s Laboratories (up 6.3 percent), Tata Motors (up 3.7 percent), SBI (up 3.6 percent), Bajaj Auto (up 3.3 percent), and Coal India (up 3.2 percent).

Top Sensex losers include names like TCS (down 1.4 percent), followed by ITC (down 1.1 percent), Asian Paints (down 1.07 percent), and Axis Bank (down 1.02 percent).