Sensex, Nifty Fall For Third Straight Session, End At Lowest In Over A Month: Market Wrap
HDFC Bank, State Bank of India, Bharti Airtel, Mahindra & Mahindra and ICICI Bank dragged the Nifty the most.
The benchmark equity indices fell for the third consecutive session on Tuesday and closed at the lowest level in over a month as they erased all their morning gains in the second half of the session.
The NSE Nifty 50 fell 63.05 points or 0.26%, to end at 23,992.55, while the S&P BSE Sensex closed 166.33 points or 0.21%, down at 78,593.07. During the day, the Nifty had risen as much as 1.36% and the Sensex had jumped 1.39%.
"The near-term outlook for Nifty 50 turned bearish, unless it gives a convincing move above 24,400," Aditya Gaggar, director of Progressive Share Brokers, said. "On the downside, the 50-day moving average support that is 23,880 will be considered as immediate support."
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Shares of HDFC Bank Ltd., State Bank of India, Bharti Airtel Ltd., Mahindra & Mahindra Ltd., and ICICI Bank Ltd. dragged the Nifty the most.
Reliance Industries Ltd., Larsen & Toubro Ltd., Hindustan Unilever Ltd., HCL Technologies Ltd., and JSW Steel Ltd cushioned the fall.
Most sectoral indices on the NSE fell, with the Nifty PSU Bank being the top loser, while Realty rose the most.
The broader markets underperformed the benchmark indices, as the BSE MidCap and the SmallCap ended 0.71% and 0.57% lower, respectively.
On the BSE, 16 sectors ended on a negative note and four settled higher, with Telecommunication declining the most and Realty rising the most.
The market breadth was skewed in favour of the sellers as 2,428 stocks declined, 1,487 rose and 106 remained unchanged.
