The market snapped two-day winning spree with the BSE Sensex ending 173 points, or 0.45 per cent, to settle at 38,722. The Nifty 50 Index fell 46 points, or 0.40 per cent, to close at 11,691.90. The broad market outperformed as the BSE Mid-cap Index rose 0.47 per cent, while the Small-cap Index rose 0.05 per cent. The market breadth was negative as 1,281 shares rose against 1,429 shares falling. Among the sectoral indices, the S&P BSE Metal index (up 1.11 per cent), Realty Index (up 1.09 per cent), Oil & Gas Index (up 0.23 per cent) outperformed the Sensex. The Teck Index (down 0.5 per cent) underperformed the Sensex.
Coal India (down 2.58 per cent), Reliance Industries (down 1.8 per cent), Power Grid Corporation of India (down 1.58 per cent), Yes Bank (down 1.44 per cent) and IndusInd Bank (down 1.36 per cent) were the major Sensex losers. ONGC (up 1.58 per cent), State Bank of India (up 1.54 per cent), Tata Steel (up 0.8 per cent), ICICI Bank (up 0.53 per cent) and Tata Motors (up 0.5 per cent) were the major Sensex gainers.
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 in the last trading session, thus it seems to have completed its five waves rise. Now on the upside, 11,750 is a crucial resistance and till those levels aren’t taken off the short term bias remains sideways to negative. On the lower side, 11,650 is an immediate support and if that gets broken then it may slide till 11,600 levels.
“Like the Nifty, the Sensex too closed in the negative territory, completing its five waves rise. On the upside, 38,900 is now an immediate resistance, whereas the lower side is pegged at 38,600 levels.”
Market view
Vinod Nair, head of research, Geojit Financial Services, said: “The market gave up some gains due to weak rupee and profit booking ahead of F&O expiry today. Government’s comment on consolidation of PSU banks led the indices to outperform, while the rise in global commodity price helped metal index performance. Market sentiment remains positive amid gradual reversal in foreign inflow and improvement in broad market outlook."
—Ashwin Punnen