Sensex, Nifty End Lower For The Third Day: Market Wrap

The benchmark indices continued their losing rally for the third consecutive session on Thursday, as HDFC Bank Ltd. and LTIMindtree Ltd. dragged after their third-quarter results.

The NSE Nifty 50 closed 109.70 points, or 0.51%, down at 21,462.25, while the Sensex ended 313.90 points, or 0.44%, lower at 71,186.86.

During the day, the Nifty fell as much as 1.33% to 21,285.55, while the Sensex dropped 1.16% to 70,665.50. In the last three days, both the indices have lost nearly 3%.

"The index has formed a spinning-top candlestick pattern, which indicates a reversal of trend and to confirm the same, the index needs to breach the hurdle of 21,530, while the immediate support is placed at today's low," Aditya Gaggar, director of Progressive Shares, said.

HDFC Bank Ltd., LTIMindtree Ltd., NTPC Ltd., Titan Co. and Asian Paints Ltd. weighed on the Nifty 50.

Sun Pharmaceutical Industries Ltd., ICICI Bank Ltd., Reliance Industries Ltd., Larsen and Toubro Ltd. and Axis Bank Ltd. led the gains.

Seven out of the 12 sectoral indices on the NSE declined. The Nifty Pharma advanced the most, while the Nifty Financial Services declined the most.

The broader indices outperformed as the BSE Midcap was down 0.08% and the Smallcap index was 0.02% lower. Twelve out of the 20 sectors compiled by BSE Ltd. declined.

The market breadth was skewed in favour of sellers, as 1,906 stocks declined, 1,898 rose and 106 remained unchanged on the BSE.