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Sensex, Nifty snap two-day rally; HDFC Bank, Axis Bank, RIL top losers

Sensex settled 14  points lower at 50,637 and Nifty inched up 10.75 points to 15,208. A fall in Covid cases also helped cap losses on benchmark indices, said analysts

twitter-logoBusinessToday.In | May 25, 2021 | Updated 19:04 IST
Sensex, Nifty snap two-day rally; HDFC Bank, Axis Bank, RIL top losers
HDFC Bank was the top Sensex loser, dropping 2.02 per cent, followed by Axis Bank, Reliance Industries, IndusInd Bank, HDFC and ITC.

Benchmark indices took a breather from a two-session rally on Tuesday despite firm global cues and declining COVID-19 cases. Sensex settled 14  points lower at 50,637 and Nifty inched up 10.75 points to 15,208.

HDFC Bank was the top  Sensex loser, dropping 2.02 per cent, followed by Axis Bank, Reliance Industries, IndusInd Bank, HDFC and ITC.

On the other hand, Asian Paints topped the gainers' list with a rise of 3.38 per cent.

Titan, Bajaj Finserv, ONGC, TCS, Infosys and Power Grid were among the other major gainers. Among 30 Sensex stocks, 21 ended in green.

A fall in Covid cases also helped cap losses on benchmark indices, said analysts. The daily count of COVID-19 cases in the country fell below the 2-lakh mark after over a month at 1,96,427, while the death toll also slipped to the lowest in 21 days at 3,511, according to the Union Health Ministry data updated on Tuesday.

Nagaraj Shetti, Technical Research  Analyst, HDFC Securities said, "Nifty is now encountering resistance at the previous swing highs at 15300-15450 levels. If the market fails to show any sharp weakness in the next couple of sessions, then one may expect a sharp upside bounce once again from the lows. The positive sequence of higher tops and bottoms is intact and further consolidation from here could form a new higher bottom of the sequence. The short-term trend of Nifty remains positive. There is a possibility of further consolidation or minor weakness in the next 1 or 2 sessions before showing upside bounce from the lows. Immediate support is placed at 15,130."

Sector-wise, BSE consumer durables, IT, teck, metal, auto and FMCG were among the gainers, while power, energy, finance and bankex ended in the red.

BSE midcap index fell 67 points, while the smallcap index rose 60 points. Meanwhile, rupee strengthened by 19 paise to end at 72.77 against the US dollar, tracking weakness in the American currency in the overseas market.

At the interbank forex market, the local unit opened at 72.85 against the greenback and witnessed an intra-day high of 72.75 and a low of 72.87.

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