Global cues are expected to dominate in the short-term given the absence of significant domestic events, analysts said. Asian shares were hit on Thursday when the preliminary HSBC/Markit survey of manufacturing activity for February fell to a seven-month low.
Markets are struggling right now and will continue to struggle in the medium term. Global factors along with local political factor should be keenly looked at. Nifty is expected to trade between 6,000 and 6,150 for the time being.he battered down stocks, especially in auto, banks and capital goods, will continued to get traction.
The Sensex closed 0.9 per cent lower at 20,536.64 points, while the Nifty closed 1 per cent lower at 6,091.45 points. State Bank of India lost 1.82 per cent, ICICI Bank closed 2.24 per cent lower, while Tata Steel closed down 1.9 per cent. ITC fell 1.52 percent while HDFC fell 1.76 per cent.
Bajaj Auto gained 1.18 per cent after the company said on Wednesday that it would deepen partnerships with Japan's Kawasaki Heavy Industries Ltd and Austria's KTM AG as it looks to increase exports of its bikes to fuel growth.
Shares in DCM Shriram Consolidated surged 13.12 percent to more than a 52-week high after the chemical manufacturer said on Wednesday its board will meet on Saturday to consider a share buy-back, a review of its dividends policy, and a bonus issue.