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Indian shares fell for the second straight session today led by losses in IT and banking shares amid mixed global cues. Sensex closed 497 points lower at 55,268 and Nifty fell 147 points to 16,483. Infosys, Axis Bank, HUL, Dr Reddy’s, Wipro and Kotak Mahindra Bank were the top Sensex losers, falling up to 3.40 per cent.
Bajaj Finserv , Bharti Airtel and Power Grid were the top Sensex gainers, rising up to 5.58 per cent. Bajaj Finserv was the top Nifty gainer too after the firm said its board of directors would on Thursday consider the proposal for a stock split of equity shares.
On Nifty, the stock closed 5.33 per cent higher at Rs 13,292. On Sensex, the stock ended at Rs 13,314 , rising 5.58 per cent to the previous close of Rs 12,610.65.
Mid cap and small cap indices fell 285 points and 321 points, respectively.
IT, banking and consumer durables shares were the top sectoral losers with their BSE indices falling 816 points, 455 points and 476 points, respectively.
All 19 BSE sectoral indices ended in the red.
Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities said, “Traders were nervous ahead of the US Federal Reserve meet on rate decision on Wednesday and hence trimmed their position by dumping IT, banking and realty stocks. As the market has already risen continuously last week, investors are booking profit given the overall negative sentiment. Technically, on intraday charts, the Nifty has maintained a lower top formation and also formed a bearish candle on daily charts, which suggests further correction from the current levels. For traders, 16,600 would act as an immediate resistance level and below the same, the correction wave is likely to continue till 16,400-16,350. A fresh uptrend rally is possible only after the 16,600 breakout above which the index could retest the level of 16,700-16,735.”
Market breadth was negative with 1,156 stocks ending higher against 2,175 shares falling on BSE. 136 shares were unchanged.
The market cap of BSE-listed firms fell to Rs 257.48 lakh crore today.
Foreign institutional investors (FIIs) turned net sellers on Monday, offloading shares worth Rs 844.78 crore, as per exchange data. On the other hand, domestic institutional investors (DIIs) sold shares worth Rs 72.26 crore.
Om Mehra, Research Associate, Choice Broking said, “Technically, Nifty has formed a bearish candle in the daily chart. As it closed below 16,500, an important psychological level, the overall structure shows that the index is likely to witness consolidation in the range of 16,300-16,600 in the coming sessions. Indicators such as RSI and MACD are indicating neutral views as of now in the daily chart. On the other hand, Bank Nifty has support at 35900 levels while resistance at 36,800 levels. As we step towards the monthly expiry, high volatility is going to remain intact. Sell on rise would be advisable in coming days until 16,650 levels are attained.”
In the previous session, Sensex and Nifty snapped their six-day winning run to close lower by over a half per cent after profit booking in oil & gas, automobile and telecom stocks. Sensex fell 306.01 points or 0.55 per cent to settle at 55,766.22 dragged down by index heavyweight Reliance Industries. The other laggards from the pack were Maruti Suzuki India, Kotak Mahindra Bank, UltraTech Cement, Tech Mahindra and Nestle.
Global markets
In Asia, the Shanghai Composite Index rose 0.8% to 3,277.44 while the Nikkei 225 in Tokyo shed 0.2% to 27,655.21. The Kospi in Seoul added 0.4% to 2,412.96.
In Europe, the FTSE 100 in London advanced 0.7% to 7,348.61 while the DAX in Frankfurt lost 0.5% to 13,144.82. The CAC 40 in Paris shed 0.1% to 6,232.77.
On Wall Street, the Dow gained 0.3% while the Nasdaq Composite fell 0.4%.
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