MTECHTIPS

MTECHTIPS:-Technical Snapshot:

The Nifty futures gave a gap down opening on Friday as the markets reacted to weak global cues.  markets showcased a remarkable turnaround on the week’s last trading session as the frontline equity indices, after hitting the lowest point of day in late morning trades, took a turn for the better, trimming the session’s around two percent losses and eventually settling with a green tick.The surprisingly strong fourth quarter earnings announcement from State Bank of India, which almost singlehandedly dared to bring about a trend reversal. The banking bellwether’s upbeat result announcement spurred a fresh spell of buying wave since late morning trades and not only persuaded investors to open fresh positions in the banking sector shares but across the board. On the sectoral space, buying was largely evident in the rate sensitive Bankex index, which surged close to two percent by SBI’s over five percent rally. The defensive FMCG pocket too gained traction and climbed over a percent thanks to heavyweight ITC’s close to two percent gains. However, the Auto counter bore the maximum brunt of selling pressure in the session with close to two percent cut since the commercial vehicle major Tata Motors got pummeled by over four percent. Also, the losses in Capital Goods index too exerted some pressure on the bourses and capped the market’s upside chances.The broader markets underperforming their larger peers finished on a weak note, with cuts of around a quarter percent. The markets rose on good volumes while the market breadth remained pessimistic.