BSE benchmark Sensex and the 50-stock NSE Niftyhave, so far, resisted deep cuts. Both indices stayed in green briefly and then slipped marginally to trade at 17,098 (down 32 points ) and 5,152 (down 8 points) respectively. The consolidation in market suggests what the experts have been saying -- that the sell-off was overdone and a recovery is on cards.
Philip Roth, Chief Technical Analyst at Miller Tabak told CNBC-TV18 that “the selling seen post US debt downgrade by S&P seems to be winding up." He expects a temporary rebound with less volume and less volatility.
Defensive sectors like healthcare and FMCG were seeing buying interest. Even select financial stocks like HDFC, HDFC Bank, Kotak, Mahindra Bank and PNB gained 0.5-1%.
Heavyweights Reliance Industries and SBI too were quite supportive.
However, technology, auto, realty and select metal stocks were putting pressure on the market.
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