Markets pared their opening gain and ended in the negative terrain on the back of selling in technology stocks while Bank Nifty ended positively with breadth remaining negative convincingly.
With Nifty holding above the crucial support of 16123, this indicates that the current decline may be a bear trap and Nifty is expected to test 17200 levels in the next few days.
The outperformance from Bank Nifty is seen as a silver lining as funds raised from selling in various sectors are likely to be deployed in financials in the next few days which may trigger a surprise rally of more than 5%.
Key Results today– BPCL, Coal India, InterGlobe Aviation, Deepak Fertilisers, Apollo Hospitals, Bata India
Bank Nifty & Ratio of Bank Nifty to Nifty 50 Index
Stocks to watch
Positive Read Through
- KPIT Tech to acquire Somit Solutions; total consideration at max £7.68 m
- Grasim Industries doubles CAPEX to Rs 10,000 crore to set up the paint business.
- NMDC cuts prices by up to Rs 750/tonne
- Titagarh Wagons Gets USD 1B Order From Indian Railways
- Bank of Baroda to consider revision in the dividend of 2021-22 on May 31
- Bank of India To Raise Funds Via QIP or FPO in FY23
- Eveready Industries Open offer to begin June 3, close June 16
- Grasim 4Q Net Income Rs 10.7b vs. 4.8b YoY, beats est. 4.87b; 4Q includes tax gains of Rs 4.1b
- Ipca Laboratories To merge two units with itself
- SIS Ltd. To take full control of unit Terminix SIS India
Negative Read Through
- Spicejet says some systems faced attempted ransomware attack. IT has rectified the situation, flights operating normally now
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