Equities pared almost all intra-day losses as buying emerged in metals and oil & gas stocks while realty, auto and IT stocks were off lows. Second rungs stocks too recovered from day’s lows.
Markets recouped some of the early morning losses during the previous hour of trade. Currently, stocks from the software and pharma across sectors are trading mixed. Decline to advance ratio is poised at 1.5 to 1 on the BSE.
The BSE Sensex and the NSE Nifty are trading lower, down by around 60 points and 10 points respectively. The BSE Midcap and Smallcap indices are flat, down by 0.1% and 0.6% respectively. The rupee is trading at 48.69 to the dollar.
Market is lackluster and directionless. However, we have formed a small "reverse head and shoulder" pattern on sensex daily charts. It indicates Sensex can move upwards by 500-600 points. But so far no major buying has emerged as whole lot of people on the institutional side are on vacation
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