Global cues to steer stock market direction, equities end flat
Mumbai, February 12, 2021
Global cues and macro-economic inflation data will steer stock market direction during the upcoming session even as low volumes subdued equities on Friday.
According to analysts, market moves are increasingly becoming choppier in a narrow range.
On Friday, India's benchmark equity indices ended flat for the third time in the last four trading sessions but posted weekly gains.
In the day's trade session, the two indices fell sharply post 1 p.m. but recovered to close on a flat-to-positive note.
Among sectors, banks were the main gainers while metals, FMCG, media and auto indices fell.
The S&P BSE Sensex closed at 51,544.30, higher by just 12.78 points, or 0.02 per cent, from its previous close of 51,531.52 points.
The Nifty50 on the National Stock Exchange closed at 15,163.30, lower by 10 points, or 0.07 per cent.
"Nifty again closed the week with gains. Moves in the Nifty are becoming choppier in a narrow range. Institutional flows have come back to normal levels after remaining high over the last few weeks," said Deepak Jasani, Head of Retail Research at HDFC Securities.
"Nifty could take support at 14,753 in the coming week, while on rises, 15,257 could offer resistance. A breach of this level could result in continued bullish moves."
Siddhartha Khemka, Head, Retail Research, Motilal Oswal Financial Services, said: "Global cues were mixed as markets reacted to corporate earnings amid lack of fresh triggers. Further, most Asian markets were shut on account of Lunar New Year."
"Going ahead, with earnings season largely over, global cues will dictate the short term market trend."