Live: Nifty set for choppy ride at record; Making sense of the midcap mayhem| RR Kabel IPO opens
Indian equity market hit a new high of 20,110 on the Nifty50, but could not sustain the same due to profit taking by the participants, as the index gained around 4.5 percent in a one-way rally since the beginning of this month. Hence, the further consolidation with a support at 19,800-19,900 can be seen in coming sessions, while the crossing of 20,100 decisively is required for upward rally, according to experts. The BSE Sensex gained 94 points at 67,221, while the Nifty50 declined for the first time in last eight straight sessions, down 3 points amid volatility at 19,993. The broader markets witnessed a big correction after a long time, making the participants cautious a bit. The Nifty Midcap 100 and Smallcap 100 indices fell 3 percent and 4 percent respectively, with disappointing breadth. About nine shares declined for every rising share on the NSE. This morning global cues are mixed with Wall Street clocking overnight losses led by tech shares after Apple’s big-ticket launches. Crude meanwhile surges to near 10-montgh highs amid OPEC’s forecast of tight supplies. However, GIFT Nifty signals a mildly higher start for the Indian market. Among stocks in focus today, IRCTC, Vakrangee and KEC International will be in focus today. Meanwhile, RR Kabel’s Rs 1,934 cr IPO kicks off for subscription today. In key economic data, CPI inflation for August cools off to below 7% amid easing food prices and IIP for the month of July has come in at a 5-month high of 5.7%. Catch Nandita Khemka in conversation with Latha Venkatesh, Executive Editor, CNBC-TV18 and Hemen Kapadia of KRChoksey Securities.
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