FIIs net sold equities worth Rs.260.88 crore on Tuesday - ZENMoney

Domestic indices opened the day on a negative note following weak global cues. However, losses remained capped after international credit rating agency, Fitch Ratings saying that Government efforts to achieve the fiscal deficit target of 4.8 percent of the GDP in 2013-14, are supportive for the country's credit rating. Also, CPI data for December fell sharply to 9.87% compared with 11.16% in November on account of decline in vegetable prices supported the indices at lower levels. Markets continued to trade weak amid profit booking after previous day's rally, ahead of WPI inflation and weak global cues. Indices continued the weak trend in the afternoon session and ended the day with losses.

On a sectoral front, Metal and Realty sectors are major losers of the day followed by IT, Banking and Capital Goods sectors. Consumer Durables, Auto, FMCG and Power are among other sectors that traded in red. Health Care and Oil & Gas are the only sectors that traded in green.

The Indian markets are likely to begin the day on a sideway note tracking global cues and remain choppy thereafter tracking dometic cues.

On the home front, all eyes will be on the WPI data for December which will be released today. The WPI data gains significance as the RBI is going to consider those numbers for its future rate hikes.

The ongoing earnings season will also provide cues for the market movement today. Few big names coming out with their numbers today are Yes Bank, DCB, Agro Tech Foods and Bajaj Finance. Stock specific action can be witnessed based on how the earnings pan out.

Crude prices are likely to trade sideways in the near term on supply woes. Further, prices will be under pressure as weak economic data from the US has dampened the demand outlook from that country.

As per provisional figures, FIIs net sold equities worth Rs.260.88 crore on Tuesday. Any improvement in the FII flow can improve market sentiment.

For the Nifty 6270, 6298 and 6345 are the immediate resistance levels, while 6224, 6206 and 6160 are its immediate support levels.

For the Sensex 21122, 21211 and 21357 are the immediate resistance levels, while 20976, 20920 and 20774 are its immediate support levels.

Source : Equity Bulls

Keywords