The Indian market ended in the red on first trading day of the week, led by fall in banking and realty stocks ahead of the RBI monetary policy review. The S&P BSE Sensex fell 215 points or 0.61 per cent to settle at 35,011.89, while the Nifty 50 index fell 67 points or 0.63 per cent to settle at 10,628.
Investors remained cautious ahead of the RBI's Monetary Policy Committee (MPC) meets between June 4-6 for the second bi-monthly monetary policy statement for 2018-2019, which will be unveiled at 14:30 PM on Wednesday. The BSE Mid-Cap index fell 0.82 per cent, while he BSE Small-Cap index fell 2.09 per cent.
A total of 563 shares rose and 2,127 shares fell on BSE. Major losers were Bharti Airtel (down 2.77 per cent), Adani Ports and Special Economic Zone (down 2.47 per cent), Power Grid Corporation of India (down 2.06 per cent), Hindustan Unilever (down 1.73 per cent) and ONGC (down 1.71per cent).
Technical view
Jay Thakkar, CMT, head-technical and derivatives research, AVP equity research, Anand Rathi Shares and Stock Brokers, said: “The Nifty closed in the negative territory for the second consecutive day, so now 10,557 is the last hope. Below 10,557 levels, the bears will have an absolute charge of the Index, so the next support comes to 10,200. On the flip side, if 10,557 levels are held then the consolidation will continue. The uptrend will be confirmed only above 10,930 levels. Sensex too closed in the negative territory and the crucial support for the Sensex is pegged at 34,735 levels whereas the resistance is pegged at 35,438. So, the short term range for the Sensex is 35,438-34,735 that is of 703 points, so wherever it breaks there will be move of 703 points.”
Market view
Anand James, chief market strategist, Geojit Financial Services, said: "With NPA sale and merger plans gaining traction, banks swung the benchmark indices viciously even as investors took a cautious stance ahead of RBI rate decision. Markets so far have been riding on earnings and macro positivity, as well as monsoon cheer, but there is a fair expectation of RBI to move rates higher, with oil persistently firm."
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