Stock Market Today: Nifty Falls For Seventh Session; TCS, BPCL Worst Performers
Intraday, the Nifty fell as much as 0.8% to hit 23,350.40, its lowest level since June 5 and Sensex fell 0.8% 79695.06, its lowest level since June 24.
KEY HIGHLIGHTS
US Futures Trade Mixed
As of 3:28 p.m., the Dow Jones Industrial Average future was 0.20% down at 43,480.00, and the S&P 500 future was 0.01% higher at 5,897.50. The Nasdaq 100 future was 0.33% higher at 20,561.00.
Nifty Falls For Seventh Session; TCS, BPCL Worst Performers: Closing Bell
Benchmark equity indices extended their fall for another session with the Nifty marking longest losing streak since eight sessions to Feb 28, 2023 and Sensex recording a fourth session of decline.
Intraday, the Nifty fell as much as 0.8% to hit 23,350.40, its lowest level since June 5 and Sensex fell 0.8% 79695.06, its lowest level since June 24.
The indices fell even despite positive developments for the country's economy including Moody's growth forecast for 2024 and CLSA's reversed stance on Chinese stocks, increasing its overweight position on India, in light of the potential risks posed by renewed trade tensions with the U.S. under President-elect Donald Trump.
Nifty ended 0.3% or 78.9 points down at 23453.80 and Sensex ended 0.3% or 241.3 points lower at 77339.01.
"We are of the view that, the current market texture is weak but oversold hence; we could expect one quick pullback rally from the current levels," said Shrikant Chouhan, head of equity research at Kotak Securities. He said for the day traders now, 23350/76950 would act as a key support zone.
"If market succeeds to trade above the same, then it could bounce back till 23600/78000," he said. "Further upside may also continue which could push the market till 23700/78200."
Shares of Infosys Ltd., Tata Consultancy Services Ltd., Reliance Industries Ltd., Axis Bank Ltd., and ICICI Bank Ltd. dragged the Nifty.
While those of HDFC Bank Ltd., State Bank Of India, Hindalco Industries Ltd., Mahindra & Mahindra Ltd., and Hindustan Unilever Ltd. minimised the fall.
Most sectoral indices ended higher with Nifty Metal rising the most and Nifty IT was top loser.
Market breadth was skewed in favour of sellers. Around 2,470 stocks advanced, 1,627 stocks declined, and 127 stocks remained unchanged on BSE.
Broader markets ended lower on Monday. The BSE Midcap outperformed benchmark indices and settled 0.17% down. BSE Smallcap index settled 0.69% down to underperform the benchmark indices.
On BSE, 12 sector ended lower and nine advanced. The BSE Metal rose the most, while the BSE IT declined the most.
Rupee Ends Flat Against US Dollar
Rupee closed flat at 84.39 against the US dollar.
It closed at 84.40 on Thursday.
Source: Bloomberg
Markets At Close
Nifty fell for seventh consecutive session, its longest losing streak since eight sessions to Feb 28, 2023
Sensex fell for a fourth consecutive session
Intraday, the Nifty and Sensex fell as much as 0.8% each
Nifty ends 0.3% or 78.9 points down at 23453.80
Sensex ends 0.3% or 241.3 points lower at 77339.01
Nifty Midcap 100 outperformed and ended flat and Nifty Smallcap 250 closed 0.7% lower
Most sectoral indices rose. Nifty Metal rose the most and Nifty IT was top loser
Hindalco Industries & Hero MotoCorp were top Nifty gainers
TCS and BPCL fell the most
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