Day trading guide for today: Six buy or sell stocks for Wednesday —September 13
Day trading guide for today: Domestic equity benchmarks Sensex and Nifty settled lower in the previous session, exhibiting significant volatility with the mid and smallcap spaces witnessing a strong wave of selloffs. Investors booked profits after the blue-chip index hit a record high near the open, while the small-caps and mid-caps snapped an 11-session winning run. Sensex closed at 67,221.13, up 94 points, or 0.14 per cent while the Nifty closed the day at 19,993.20, down 3 points, or 0.02 per cent.
During the day, Nifty climbed 114 points or 0.57 per cent to hit its all-time high of 20,110.35. Mid and small-caps suffered deep falls. The BSE Midcap index fell 2.96 per cent to 32,084.93 while the BSE Smallcap index plunged 4.02 per cent to 36,982.74.
In early trade today, the midcap and smallcap indices hit their fresh record highs of 33,245.85 and 38,769.33 respectively. Also, the small- and mid-caps have gained 9.4 per cent and 7.7 per cent, respectively, over the last 11 sessions, and have posted numerous record highs along the way. While heavyweights TCS and Larsen & Toubro emerged as the top gainers, NTPC and Power Grid were the major drags.
On the macroeconomic front, government data showed after market hours that India's retail inflation eased to 6.83 per cent in August from a 15 month high peak in July on a fall in food prices. However, the consumer price index (CPI) inflation still remains above the Reserve Bank of India's upper tolerance limit of 6 per cent. Separate data showed that the industrial output surged 5.7 per cent in July, up from 3.7 per cent in June 2023.
On the outlook for Nifty, Ajit Mishra, SVP - Technical Research, Religare Broking expects consolidation in the index after the recent surge and
