MUMBAI: Indian markets ended volatile session marginally in the red extending losses for sixth straight session. Realty, technology and oil&gas space led the decline while banks, auto and capital goods showed resistance.
Indices opened on a firm note as stocks beaten down in past few sessions bounced back from lower levels. After remaining rangebound for major part of the day, the trade turned volatile in the last hour and benchmarks fell sharply below crucial support levels. However, bulls came in action and managed to lift the benchmarks from day’s lows.
National Stock Exchange’s Nifty ended at 5754.10, down 8.75 points or 0.15 per cent. The broader index touched a high of 5842.60 and low of 5698.20 intraday.
Bombay Stock Exchange’s Sensex closed at 19196.34, down 27.78 points or 0.14 per cent. The 30-share index touched a high of 19431.56 and low of 19003.60 in today’s trade.
“After having corrected around 400 points on the Nifty, the market looks oversold. Technical indicators suggest a bounce back in next 4-5 trading sessions and Nifty may touch 5920-5930 levels. We expect a correction to set in after that and the Nifty may slip to strong support of 5690-5700. Traders should adopt ‘sell on bounce’ strategy in this market,” said Ashish Shroff, technical analyst, Ambit Capital.
BSE Midcap Index was down 0.67 per cent and BSE Smallcap Index moved 0.87 per cent lower.
Amongst the sectoral indices, BSE Realty Index was down 2.74 per cent, BSE IT Index moved 1.60 per cent lower and BSE Oil&gas Index declined 0.85 per cent. BSE Bankex was up 1.24 per cent and BSE Auto Index moved up 0.37 per cent.
Suzlon Energy (-2.33%), TCS (-2.02%), Jaiprakash Associates (-1.90%), Jindal Steel (-1.82%), and Infosys Technologies (-1.56%) were amongst the major Nifty losers.
Hindalco (5.34%), Bajaj Auto (4.66%), Sesa Goa (4.48%), Axis Bank (4.42%) and Reliance Communications (3.36%) were amongst the top gainers.
Market breadth was negative on the BSE with 1484 gainers against 1259 losers.
Meanwhile, the European markets were firmly placed in the green and the Wall Street is expected to open on a similar note. At 5 pm IST , Dow Jones futures was up 0.32 per cent, S&P 500 moved 0.31 per cent higher and Nasdaq gained 0.30 per cent.
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This post was submitted by Mudit Agrawal.
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