FIIs bought equities worth Rs. 730.29 crore on Monday - ZENMoney

Domestic Indices opened the day on a flat note following mixed global cues. Market sentiment remained positive with Finance Minister statement that the government is committed to the path of fiscal consolidation and will take difficult decisions soon to check country's widening deficits. However, gains on the up-side remained capped as investors' remained on the sidelines ahead of Inflation data for September. Though markets witnessed some correction after WPI data recorded at eight month high at 6.46% for the month of september, indices recovered the losses amid buying interest witnessed in front liners. Indices ended the day with marginal gains.

On a sectoral front, IT sector is the top gainer of the day followed by Banking, Auto, Oil & Gas and Power sectors. Metal and FMCG sectors remained as major losers of the day, while Capital Goods, Realty, Health Care and Consumer Durables sectors are among other sectors that ended the day with marginal losses.

Domestic indices are expected to open the day on a positive note mirroring global market movement and remain rangebound thereafter tracking domestic cues. The continuing stalemate on the US debt talks ahead of the 17th Oct deadline coupled with weak economic data from China will keep markets subdued.

Back home, in the absence of any particular events, the market will be watching the the ongoing Q2 earnings for cues. Stock specific action is likely to witnessed in stocks such as TCS, HDFC Bank, NIIT Tech, DCB, Blue Dart, Sintex etc which will announce their second quarter results today.

Crude prices are likely to remain under pressure as the threat of a potential US default has raised concerns of a demand slowdown from the world's largest oil-consuming country.

FIIs continued to be net net buyers in the Indian equity market. As per provisional figures they net bought equities worth Rs 730.29 crore on Monday. Continuation of this trend can support the market at lower levels.

For the Nifty 6131, 6148, 6189 are the immediate resistance levels, while 6089, 6065, 6024 are its immediate support levels.

For the Sensex 20670, 20732, 20880 are the immediate resistance levels, while 20521, 20435, 20287 are its immediate support levels.

Source : Equity Bulls

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