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CAPITALSTARS INDIAN EQUITY MARKET WRAP UP – 8 FEB 2019

 

Market-Wrap-Up

Closing Bell: Sensex plunges over 420 points, Nifty gives up 10,950; Tata Motors down 18%.

Equity benchmarks witnessed intensified selloff in the last hour, which dragged the market to lower points. The Nifty gave up 11,000-mark, while the Sensex dropped over a percent.
Across sectors, selling was visible, with maximum pain seen in automobiles, consumption, metals, and infra companies, among others.
At the close of market hours, the Sensex was down 424.61 points or 1.15% at 36546.48, while the Nifty was down 125.80 points or 1.14% at 10943.60. The market breadth was negative as 950 shares advanced, against a decline of 1,552 shares, while 125 shares were unchanged.
Kotak Mahindra Bank, Bharti Airtel, and Bharti Infratel were the top gainers, while Tata Motors, Vedanta, and Indiabulls Housing lost the most.

HEADLINES OF THE DAY
Mahindra & Mahindra and Mahindra Vehicle Manufacturers (MVML) reported a growth of 60 percent (year on year) in its net profit for the December quarter at Rs 1,476 crore. The company had posted a net profit of Rs 920 crore during the same quarter of last year.
VIP Industries reported a fall of 11 percent at Rs 23.8 crore.
Pricol has reported a net loss of Rs 13 crore from Rs 8.7 crore last year.

The crucial resistance for Nifty spot is now seen at 11040 and above this 11200 Support for the immediate term is now placed at 10850 next support will be 10700.

Investment & trading in securities market is always subjected to market risks, past performance is not a guarantee of future performance.

CapitalStars Investment Adviser: SEBI Registration Number: INA000001647.


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