Yesterday Market Summary

Last trading day: Monday, 21 December

Amid quiet global cues, our market ended a dull, flat day of trade with low volumes. Sensex shut shop at 16601, down 118 points and Nifty at 4952, down 35 points from the previous close. CNX Midcap index was down 0.15% and BSE Smallcap index was down 0.31%. The market breadth was negative with advances at 506 against declines of 761 on the NSE. Top Nifty gainers included Axis Bank, TCS and Cairn India while losers were Hindalco, Mahindra & Mahidra and Cipla. 

Nifty 5100-5200 are key supply zone levels, says Laurence Balanco of CLSA on CNBC TV18. Nifty has key support at 4000-4400 levels, he says. If Nifty is able to cross 5200 then it is headed for 5500, he adds. But the short-term trend looks negative, and Nifty is likely to head to 4700, he says. If Nifty breaks 4700 it would mean a trend reversal, a break from the earlier bullish trend, he says. 

In the short and medium term the market is likely to stay rangbound, says Gaurang Shah of Geojit BNP Paribas, on Zee Business. But Indiaÿs long-term story is intact, he says. So accumulate fundamentally good stocks for long-term gains, he adds. In pharma, his top picks are Aurobindo Pharma, Glenmark and Lupin.  

It was a dull, flat day of trade with the market grinding lower on profit booking. Sensex closed at 16584, down 135 points (provisional) and Nifty at 4944, down 35 points (provisional) from the previous close. CNX Midcap index was down 0.16% and BSE Smallcap index was down 0.21%. The market breadth was negative with advances at 503 against declines of 755 on the NSE.