Nifty, Sensex Settle At Over One–Week Low; RIL, L&T Share Prices Drag: Market Wrap
The Nifty 50 ended 0.38% down at 24,548.70, while the Sensex ended 0.29% lower at 81,289.96.
The NSE Nifty 50 and BSE Sensex ended at the lowest level in over a week as shares of Reliance Industries Ltd., Larsen & Toubro Ltd. and Hindustan Unilever Ltd. dragged.
The Nifty 50 ended 93.10 points, or 0.38% down at 24,548.70, while the Sensex ended 236.18 points, or 0.29% lower at 81,289.96.
In last two session, the Nifty 50 and Sensex ended on a muted note due to lack of significant cues.
The Nifty 50 declined as much as 0.46% to 24,528.00, and the Sensex fell 0.37% to 81,212.90.
HDFC Bank Ltd. share price declined 0.77% to Rs 1,848.70 apiece. It fell after Securities and Exchange Board of India issued a warning letter. The warning letter alleged non–compliance with certain provisions of the regulator.
"The Index started the weekly expiry trade on a tepid note and gradually compounded its losses to retest its strong support zone of 24,500-24,550 before settling the day at 24,548.70, with a loss of 93.10 points," said Aditya Gaggar, director, Progressive Share Brokers Pvt.
Today's fall was triggered due to profit booking in the broader market segment as Mid and Smallcaps corrected, he said.
Nifty 50 has made a bearish candle at the lower end of consolidation and the activity of tomorrow's trade will provide better clarity. On the downside, immediate support is at 24,500, followed by 24,430, 50–day moving average, whereas the higher side seems to be capped at 24,690, Gaggar said.
Shares of Reliance Industries Ltd., Larsen & Toubro Ltd., Hindustan Unilever Ltd., NTPC Ltd., and ITC Ltd. weighed on Nifty.
While those of Bharti Airtel Ltd., Infosys Ltd., Tata Consultancy Services Ltd., Tech Mahindra Ltd., and ICICI Bank Ltd. cushioned the fall.
On NSE, 10 sectors declined, and two advanced. The NSE Nifty Media declined the most. The NSE Nifty IT was the best performing sector. Earlier in the session, the Nifty IT rose to the record high.
Broader indices underperformed and ended lower; BSE Midcap closed 0.6% down and BSE Smallcap fell 1%.
Except BSE IT, Utilities, and Teck, all sectoral indices closed lower.
Market breadth was skewed in the favour of sellers. Around 2,508 stocks fell, 1,491 rose, and 106 remained unchanged on the BSE.
