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NSE ASI retreats into the red, down 54bps
What shaped the market today?
- Gains from the previous session proved to be a flash in the pan as the NSE ASI closed 54bps lower, particularly pressured by weighty sell offs across Consumer Goods stocks. Bulls dominated on the global scene today, propped by positive earnings releases and as oil prices reversed declines following the release of fresh data which showed an unexpected fall in U.S. gasoline inventories.
- The Consumer Goods sector (-162bps) plunged further following losses in PZ (-973bps), 7UP (-500bps), CHAMPION (-462bps) and NESTLE (-334bps). The Oil & Gas (-44bps) and Banking (-43bps) sectors also closed lower following sustained losses in FO (-499bps), DIAMONBNK (-337bps), UBA (-83bps) and ACCESS (-60bps). However, the Industrial Goods sector closed largely flat amidst losses in CUTIX (-455bps).
- Market breadth remained negative with 9 advances and 27 declines.
- Given that sentiment on the bourse remains considerably weak, we expect the bearish momentum will be sustained at week close.
What will shape the next trading session?
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