Nifty, Sensex Plunge Over 1% As RIL, TCS, L&T Drag: Midday Market Update
All the sectors on the NSE were trading in the red, with the Nifty FMCG emerging as the top loser.
The benchmark equity indices were trading sharply down through midday on Tuesday, tracking losses in shares of Reliance Industries Ltd., Tata Consultancy Services Ltd., and Larsen & Toubro Ltd.
As of 11:53 a.m. the NSE Nifty 50 was trading 219.15 points or 0.99% lower at 21,836.55, and the S&P BSE Sensex was trading 669.77 points or 0.92% down at 72,078.65.
Intraday, the Nifty slumped as much as 1.12% to 21,808.45, and the Sensex declined 1.02% to 72,007.35.
"We believe that the current market structure is directionless, perhaps traders are waiting for a breakout from either side," Shrikant Chouhan, head of equity research at Kotak Securities Ltd., said.
The double-bottom support was placed at 21,900/72,300, below which the index can slip to 21,800–21,600/72,000–71,400. For the day, it is advised to trade as per the given levels, Chouhan said.
Reliance Industries Ltd., Tata Consultancy Services Ltd., Larsen & Toubro Ltd., Infosys Ltd. and ITC Ltd. dragged the most on the Nifty.
Bajaj Finance Ltd., ICICI Bank Ltd., HDFC Bank Ltd., Bharti Airtel Ltd. and Kotak Mahindra Bank Ltd. limited the losses in the index.
Twelve sectors on the NSE were trading in the red, with the Nifty FMCG emerging as the top loser, dragged by losses in shares of ITC and Nestle India Ltd.
The broader markets were trading in line with the benchmark indices as the BSE MidCap fell 1.23% and the SmallCap declined 0.82%.
All the 20 sectors on the BSE declined, with the FMCG emerging as the top loser.
The market breadth was skewed in favour of the sellers as 2,307 stocks declined, 1,276 rose and 133 stocks remained unchanged on the BSE.