Market tumbles for second session; Sensex falls 185 pts in choppy trade
Sensex fell 185.24 points to close at 55,381.17 and Nifty dipped 61.80 points to end at 16,522.75.
- Jun 1, 2022,
- Updated Jun 1, 2022 4:50 PM IST
Benchmark indices came under selling pressure in a choppy session on Wednesday amid mixed trends from global markets. High crude oil prices and foreign fund outflows also led the indices to end lower for the second straight session.
Sensex fell 185.24 points to close at 55,381.17. During the day, it dived 474.98 points or 0.85 per cent to 55,091.43 after an initial rally. Nifty dipped 61.80 points or 0.37 per cent to end at 16,522.75.
Nestle India, Tech Mahindra, Bajaj Finserv, Sun Pharma, Hindustan Unilever, PowerGrid, UltraTech Cement, HCL Technologies, Wipro, Infosys and Bajaj Finance were among the top Sensex losers, falling up to 3 per cent.
M&M, HDFC, Kotak Mahindra Bank, HDFC Bank and Tata Steel were among the top Sensex gainers, rising up to 1.32 per cent .
Share Market update: Sensex falls 185 pts, Nifty ends above 16,500; Nestle, TechM top losers
Nagaraj Shetti, Technical Research Analyst, HDFC Securities said, "Consolidation movement with weak bias continued in the market for the second consecutive sessions on Wednesday and Nifty closed the day lower by 61 points. After opening on a positive note, the market made an attempt to move up in the early part of the session. The weakness got triggered in the mid part and a sustainable upside recovery was seen towards the end. A small negative candle was formed on the daily chart with upper and lower shadow. Technically, this pattern indicates a formation of high wave type candle pattern, which displays high volatility in the market. Normally, such high wave formations after a reasonable up move or down move act as impending trend reversals. But, having formed this pattern within a range movement, the predictive value of this pattern could be less."
On Tuesday, the equity market snapped three days of gaining streak as market participants got nervous ahead of the release of the Q4 GDP data. Sensex fell 359 points to 55,566 and Nifty closed 77 points lower at 16,584. Foreign institutional investors sold shares worth a net Rs 1,003.56 crore in the previous session.
Meanwhile, the rupee recovered from its record low to end 20 paise higher at 77.51 against the US dollar today.
At the interbank forex market, the rupee opened at 77.58 against the greenback and moved in a range of 77.51 to 77.62 in the day's trade.
Global markets
Elsewhere in Asia, markets in Shanghai and Hong Kong ended lower, while Tokyo settled in the green. Bourses in Europe were trading on a mixed note during the afternoon trade. Stock markets in the US had ended lower on Tuesday.
Meanwhile, international oil benchmark Brent crude jumped 1.49 per cent to $117.27 per barrel.
Benchmark indices came under selling pressure in a choppy session on Wednesday amid mixed trends from global markets. High crude oil prices and foreign fund outflows also led the indices to end lower for the second straight session.
Sensex fell 185.24 points to close at 55,381.17. During the day, it dived 474.98 points or 0.85 per cent to 55,091.43 after an initial rally. Nifty dipped 61.80 points or 0.37 per cent to end at 16,522.75.
Nestle India, Tech Mahindra, Bajaj Finserv, Sun Pharma, Hindustan Unilever, PowerGrid, UltraTech Cement, HCL Technologies, Wipro, Infosys and Bajaj Finance were among the top Sensex losers, falling up to 3 per cent.
M&M, HDFC, Kotak Mahindra Bank, HDFC Bank and Tata Steel were among the top Sensex gainers, rising up to 1.32 per cent .
Share Market update: Sensex falls 185 pts, Nifty ends above 16,500; Nestle, TechM top losers
Nagaraj Shetti, Technical Research Analyst, HDFC Securities said, "Consolidation movement with weak bias continued in the market for the second consecutive sessions on Wednesday and Nifty closed the day lower by 61 points. After opening on a positive note, the market made an attempt to move up in the early part of the session. The weakness got triggered in the mid part and a sustainable upside recovery was seen towards the end. A small negative candle was formed on the daily chart with upper and lower shadow. Technically, this pattern indicates a formation of high wave type candle pattern, which displays high volatility in the market. Normally, such high wave formations after a reasonable up move or down move act as impending trend reversals. But, having formed this pattern within a range movement, the predictive value of this pattern could be less."
On Tuesday, the equity market snapped three days of gaining streak as market participants got nervous ahead of the release of the Q4 GDP data. Sensex fell 359 points to 55,566 and Nifty closed 77 points lower at 16,584. Foreign institutional investors sold shares worth a net Rs 1,003.56 crore in the previous session.
Meanwhile, the rupee recovered from its record low to end 20 paise higher at 77.51 against the US dollar today.
At the interbank forex market, the rupee opened at 77.58 against the greenback and moved in a range of 77.51 to 77.62 in the day's trade.
Global markets
Elsewhere in Asia, markets in Shanghai and Hong Kong ended lower, while Tokyo settled in the green. Bourses in Europe were trading on a mixed note during the afternoon trade. Stock markets in the US had ended lower on Tuesday.
Meanwhile, international oil benchmark Brent crude jumped 1.49 per cent to $117.27 per barrel.