Sensex, Nifty drifts lower...IT down, Oil & Gas up

Of late, there have been a lot of news on reorganisation or rejig . First there was the Cabinet reshuffle, which was a disappointing affair. Then came a string of corporate shake ups, including the surprising ouster of joint CEOs at Wipro. On Dalal Street too, the market participants have been doing their own rebalancing of portfolios besides sector rotation.




After two successive weeks of heavy losses, the bulls managed to retrieve some of the lost ground this week. But, the bears continue to fight and are in no mood to give up easily. The tug of war has led to increased volatility.

Today was another day of wild gyrations, with the NSE Nifty swinging 50 points intraday and the BSE Sensex fluctuating 140 points between intra-day highs and lows.

Markets ended with modest losses, as sustained selling in IT, FMCG and select Telecom stocks was countered by gains in Oil & Gas and Banking stocks. The Mid-Cap and Small-Cap stocks managed to buck the negative trend in the frontline counters.

“In the coming week all eyes would be on two big events i.e. the F&O expiry and the RBI monetary policy meet. They would set the tone for the Indian equity markets in the near term at least along with the quarterly results, and global cues” says Amar Ambani, Head of Research (India Private Clients) - IIFL.

The BSE Sensex lost 39 points to close at 19,007 and the NSE Nifty slipped 15 points to end at 5,696.