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NSE ASI extends negative run, down 17bps
What shaped the market today?
- Amidst persistent mixed trading across key sectors, the Equity market traded lower as the NSE ASI shed 17bps. Meanwhile, global markets traded mixed ahead of European Central Bank’s decision on monetary policy rate (base interest rate held at 0%).
- The Banking Sector (+39bps) and Oil & Gas sectors (+10bps) swung into positive territory thanks to gains in ETI (+423bps), UBA (+157bps), TOTAL (+334bps) and MOBIL (+134bps). The Industrial Goods closed 29bps lower, after closing relatively flat for three consecutive sessions, as losses in BERGER (-500bps) and DANGCEM (-60bps) outweighed gains in CUTIX (+483bps) and CCNN (+60bps). The Consumer Goods sector (-22bps) extended its ytd barren run as CHAMPION and NB lost 42bps each and NESTLE shed 40bps.
- Market breadth turned positive with 20 advances and 19 declines.
What will shape the next trading session?
- We expect the overall mixed sentiment (with a bearish bias) to remain the theme of the trading week. Hence, we foresee another tepid session tomorrow.
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