Sensex, Nifty hold gains, in afternoon session

The Sensex and Nifty hit a new record and reached respectively at 33,800 and 10,450 levels in afternoon trade on Monday. The Sensex fell in early trade on profit booking in metal, O&G, banking, and PSU stocks after a recent rally.

Indices opened on lower note and hit fresh intraday low in morning hours trade tracking mixed cues from other Asian stocks. After some range-bound trading in early afternoon trade, fresh buying pushed the Sensex & Nifty to record high levels in afternoon trade.

Except Nifty Bank and Nifty Private Bank indices, all other sectoral indices were in the green, with Nifty Auto index as the top gainer.   Shares of SAIL India, Titan watch co, PNB, ICICI Bank, Oil & Natural Gas Corporation and Tata Motors were the most traded stocks on the NSE. 

Tata Motors, M&M, O&G, Bharti Infratel, Maruti Suzuki, Hindalco , UltraTech Cement , Wipro and Cipla were among the top gainers in the Nifty50 index, whereas HPCL, BCPL, IndusInd Bank, Zee Entr., Sun Pharma, Axis Bank, YES Bank and Tech Mahindra were among the top losers. 

Equity Market Updates @ Advices by Expert

After a consolidation, market closed marginally higher on Wednesday as traders remained cautious ahead of expiry of July derivative contracts & the outcome of Federal Reserve's two-day meeting. The Sensex rallied more than 200 points in morning trade on hopes of stimulus measures by Bank of Japan but turned volatile in afternoon trade, especially after correction in China's Shanghai on fears of regulatory changes. The Sensex was up 47.81 points at 28024.33 and the Nifty gained 25.15 points at 8615.80 .

Market participant will await US Fed comments for clues on policy direction on interest rates. The Fed has kept the benchmark fed funds rate unchanged after raising it for the first time in nearly a decade in December 2015.

Advices

Buy ADFFOODS above 116 targets 119 Stop Loss 114.

Sell BALPHARMA below 97 targets 94 stop loss 99