Indian stocks were lower on Friday, in line with the weakness across Asian markets.
National Stock Exchange’s Nifty was at 3898.85, down 51.9 points or 1.31 per cent from Wednesday’s close. The market was closed Thursday for Gandhi Jayanti.
The 50-share index had opened at 3953.55. In the few minutes of trade it moved between a high of 3969.55 and low of 3896.55
Bombay Stock Exchange’s Sensex was 12,881.17, down 174.50 points or 1.34 per cent, giving up the 13K level. The index moved between a high of 12,899.62 and low of 12,851.47.
Metal and IT stock were beaten down heavily, with the laggards being Sterlite Industries, Infosys Technologies, Tata Steel, Tata Motors, Reliance Communications, Hindalco, among others.
The Sensex gainers were Ranbaxy Laboratories, BHEL, L&T, NTPC, and HDFC Bank.
“The PCR OI of NIFTY has changed from 0.93 to 0.96 levels indicating consolidation in the market. IV of NIFTY has changed from 40.07 to 38.2 at same time HV changed from 45.97 to 44.81 suggesting range bound movement in the market as volatility is moving in a narrow range. Nifty futures saw increase in OI with rise in price thus indicating built of long position in the market,” says an Anand Rathi report.
“Overall data indicates that we can see range bound movement in the market in coming days, although buying may emerge in the market at lower levels around 3850 levels and profit booking couldn't be ruled out around 4100 levels. Nifty futures have support around 3850 levels which can be treated as stop loss levels for trading long positions,” the report adds.
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