Realty and FMCG sectors are the only gainers on Thursday - ZENMoney

Domestic Indices opened the day on a negative note on the back of mixed global cues. Investors' remained cautious ahead of IIP data for the month of July and August retail inflation data to be announced after the market hours. The market sentiments remained under pressure after Moody's Investors Service expressed concerns over decline in quality of debt and higher global borrowing costs that are expected to add pressure on few companies going forward. Markets continued their weakness in the afternoon session with selling witnessed in front liners and ended the day in red.

On a sectoral front, Realty and FMCG sectors are the only gainers of the day. Metal Sector is the top loser of the day followed by Banks, Consumer Durables, Auto, Oil & gas, Capital Goods, IT, Power and Health Care sectors. IT stocks continue to remain under pressure on on account of recovery in Rupee against the dollar.

Domestic indices are likely to open on a sideways note with a positive bias tracking both global and domestic market movement. Global markets will remain choppy ahead of next week's Fed meet.

On the domestic front, the surprising rebound in the July IIP numbers and better than expected CPI inflation numbers (released yesterday after market hours) will lift market sentiments today. After two months of contraction, the positive IIP numbers bring hope that the economy is slowly picking up. The positive economic indicators are also likely to strengthen the rupee further in the near term.

Crude prices are likely to remain range bound and will track the Syrian crisis for cues. Increasing scepticism about a peaceful end to the Syrian crisis will provide support to crude prices in the near term.

FII flows continued to remain in the positive terrain in the Indian equity market for the sixth consecutive day. As per provisional data, they net bought equities worth Rs 930.54 crore on Thursday. Continuation of this trend can support the market to move higher.

For the Nifty 5917, 5983, 6099 are the immediate resistance levels, while 5800, 5749, 5633 are its immediate support levels.

For the Sensex 19998, 20213, 20588 are the immediate resistance levels, while 19621, 19461, 19085 are its immediate support levels.

Source : Equity Bulls

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