Indian stock market is extremly volatile

Indian stock market traded in an extremely range bound volatile session. Stock Banking and FMCG appeared as major losers while Oil-Gas appeared as biggest gainers. The Sensex closed at 19934, down 46 points from its previous close, and Nifty closed at 5976, down 15 points. The CNX Midcap index was down 1.1% and the BSE Smallcap Index was down 1.6%. The stock market breadth was negative with advances at 322 against declines of 980 on the NSE. The top Nifty gainers were NTPC, Hindalco, ACC and GAIL and losers included Axis Bank, ICICI Bank, Kotak Mahindra Bank and SBI. The FIIs were net sellers with investments worth Rs 522.83 cr (prov. cash market fig)

Market Outlook

In the next session, NIFTY is expected to trade in the range of 5930-6030, sustaining beyond the range may decide the market trend. Banking stocks and Realty may face more selling at higher levels while Metals, IT and Oil-Gas may attract buying. Traders are suggested to be cautious of long positions if NIFTY traded below 5930.