Stock Market Today: Nifty Snaps Six-Session Rally But Closes Week Higher

December Futures contract of Dow Jones was trading 7 points lower at 42,548.00 as of 3:52 p.m and the S&P 500 December Futures was trading 0.07% or 4.25 points down at 5,800.25.The Nasdaq 100 December Futures fell 0.18% at 20,309. These levels imply the US equity markets are likely to see a muted start on Friday.

1. UK: Confederation of British Industry Realised Sales Data 

2. Germany: Deutsche Bundesbank President Joachim Nagel Speaks

3. US: PCE Price Index 

4. US: Goods trade balance 

5. US: Personal income 

6. US: Personal spending

7. US: Preliminary wholesale investories 

8. US: Federal Reserve Governer Michelle Bowman speaks

The Nifty snapped its six-session winning streak on Friday and Sensex ended lower after two consecutive days of gains. Despite this, the Indian benchmarks managed to end higher for a third week in a row.

Both the indices had hit their record highs earlier in the day as IT stocks led the gains after Accenture results. Globally, the markets tracked developments on China's economy boost, US GDP number, and the outcome of Japan's election.

Intraday, both the Nifty and Sensex gained around 0.2% to hit fresh highs of 26277.35 points and 85978.25 points respectively. At close, Nifty was at 26178.95, down 0.14% or 37.10 point and Sensex was 0.31 % or 264.27 points down at 85571.85.

According to Amol Athawale, VP-technical research at Kotak Securities, "For the traders now, 26100/85300 and 26000/85000 would act as a key support zones while 26400-26500/85900-86300 would act as a crucial resistance areas for the bulls."

However, he noted below 26000/85000 the sentiment could change. "Below the same, traders may prefer to exit out from the trading long positions," he said.

For Bank Nifty, Athawale said that the medium term texture is bullish but due to temporary overbought conditions, we could see range bound activity in the near future. "For traders now, 53500 and 53100 would be the key support zones while 54500-54800 could be the profit booking areas for the bulls," he said. "However, below 53100 uptrend would be vulnerable."

Shares of HDFC Bank Ltd., ICICI Bank Ltd., Bharti Airtel Ltd., Larsen & Toubro Ltd., and Power Grid Corp. Of India Ltd. dragged the Nifty lower.

While those of Reliance Industries Ltd., Sun Pharmaceutical Industries Ltd., Bharat Petroleum Corp. Ltd., Infosys Ltd., and Cipla Ltd limited the fall.

Market breadth was split between buyers and sellers. Around 1,995 stocks rose, 1,947 stocks declined, and 118 stocks remained unchanged on BSE.

Broader markets outperformed benchmark indices. The BSE Midcap and BSE Smallcap indices ended 0.29% and 0.07% higher, respectively.

On BSE, 12 sectors advanced, and eight declined out of 20. The BSE Realty declined the most, and the BSE Oil & Gas rose the most

This week, the Nifty gained 1.50% and Sensex added 1.2%. All sectoral indices but Nifty FMCG ended higher. Nifty Metal rose the most.

Rupee weakened by 6 paise to close at 83.70 against the US dollar after it closed at 83.64 on Thursday.

Source: Bloomberg

1. The Nifty snapped its six-session winning streak after hitting its highest level of 26277.35 points

2. Sensex ended lower after gaining in two sessions and recording a new high of 85978.25

3. Nifty ends at 26175.15, down 0.16% or 40.90 points

4. Sensex ends 0.31 % or 264.27 points down at 85571.85

5. However, both the indices ended with weekly gains

6. Broader indices were lower at close; Nifty Midcap 100 ended 0.15% lower while Nifty Smallcap 250 closed 0.19% down.

7. Most sectoral indices ended higher, Nifty Oil & Gas rose the most

8. BPCL and Cipla were top Nifty gainers

9. Powergrid and Airtel fell the most