Nifty Closes At Over Four–Month Low, Sensex Falls; HDFC Bank, SBI Top Losers: Market Wrap
The NSE Nifty 50 ended 1.07% down at 23,840.35, the lowest level since June 25. The BSE Sensex ended 1.03% down at 78,675.18, the lowest level since Aug. 6.
India's benchmark indices declined for four sessions in a row on Tuesday. Shares of HDFC Bank Ltd., and State Bank of India dragged the benchmark indices.
The NSE Nifty 50 ended 257.85 points, or 1.07% down at 23,840.35, the lowest level since June 25. The BSE Sensex ended 820.97 points, or 1.03% down at 78,675.18, the lowest level since Aug. 6.
During the session, the Nifty 50 declined 1.25% to 23,839.15, and the Sensex fell 1.19% to 78,547.84.
Britannia Industries Ltd.'s share price declined 7.91% to Rs 5,005.00 apiece as the company reported 9% fall in consolidated net profit for the quarter ended September, missing street expectations.
The Sensex was 1.03% down at 78,675.18.
The Nifty 50 ended 1.25% down at 23,840.36.
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Today the benchmark indices witnessed a sharp selloff. Among sectors, almost all the major sectoral indices witnessed profit booking at higher levels, but PSU banks and auto indices lost the most, nearly 2%, noted Shrikant Chouhan, head, equity research, Kotak Securities. "Technically, on daily charts, it (Nifty) has formed long bearish candle and on intraday charts, it is holding lower top formation, which is largely negative," he said.
Now, the immediate support is placed at 23,800 and in the case of violation, it would drag the index further lower to 23,650. On the flip side, multiple resistance points are there, with immediate being at 24,100 where the index will find selling pressure, said Aditya Gaggar, director, Progressive Share Brokers Pvt.
The Nifty Bank ended 1.46% down at 51,120.60.
Shares of Infosys Ltd., ICICI Bank Ltd., Trent Ltd., Sun Pharmaceutical Industries Ltd., and HCLTech Ltd. cushioned the fall in the Nifty 50.
While those of HDFC Bank Ltd., State Bank of India, NTPC Ltd., Britannia Industries Ltd., and Larsen & Toubro Ltd. dragged the index.
Top contribution to the Nifty 50 index.
On NSE, all 12 sectors ended lower, with the NSE Nifty Auto declining the most. The NSE Nifty IT ended with the least gains.
All sectoral indices ended lower on NSE.
Broader markets declined in line with the benchmark indices. The BSE Midcap and Smallcap indices ended 0.98% and 1.28% lower, respectively.
On BSE, 19 sectors declined and two ended with marginal gains. The BSE Power declined the most, while the BSE Focused Realty emerged as the best performing sector.
Market breadth was skewed in the favour of sellers. Around 2,734 stocks declined, 1,235 stocks advanced, and 92 stocks remained unchanged on BSE.
