Ahead of CPI data, Sensex & Nifty end flat (Lead)
Monday - December 9, 2019 5:48 pm , Category : BUSINESS
Mumbai, Dec 9 (IANS) Indian investors turned cautious on Monday ahead of consumer price index (CPI) inflation data release later this week as investors see the inflation figure as the key determinant of the future policy rates set by the RBI.The S&P BSE Sensex on Monday closed 42.28 points or 0.10 per cent higher at 40,487.43. It hit an intra-day high of 40,645.63 and a low of 40,336.56. The broader Nifty settled at 11,936.95, 15.45 points or 0.13 per cent higher.Citing higher inflation, the central bank in a surprise move earlier this month decided to keep the key lending rates unchanged after slashing rates for five consecutive times since the start of the year.Auto stocks witnessed strong gains after automobile major Maruti Suzuki on Saturday reported a 4.3 per cent rise in production in November, which was interpreted as an initial sign of recovery in the struggling auto sector.The company produced 1,41,834 units in November 2019, compared to 1,35,946 units manufactured during the same period a year-ago, said a regulatory filing by Maruti Suzuki India.After showing a weakness in the last session, the Nifty shifted into a range bound action today and closed the day mildly higher. A doji-type candle pattern was formed today. Normally, a formation of doji in a sideways range doesn't show any significant predictive signal," said Nagaraj Shetti, Technical Research Analyst, HDFC Securities."The formation of head & shoulder pattern is still intact in the Nifty as per daily time frame chart. This neckline of this pattern is at 11880-900 levels. A sustainable move below this area could open up sharp weakness in the market ahead," Shetti added.The top gainers were HDFC followed by Axis Bank, Maruti Suzuki, Reliance Industries and Power Grid. The top laggards were TCS, Tata Motors (DVR), HCL Tech, Larsen and Toubro and IndusInd Bank.
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