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Sensex ends 195 points lower, Nifty gives up 17K; banking, metal, auto shares lead losses

Sensex ends 195 points lower, Nifty gives up 17K; banking, metal, auto shares lead losses

Sensex closed 195 points lower at 57,064 and Nifty lost 70 points to end at 16,983.

Earlier, Sensex surged 923 points intra day to 58,183 and Nifty gained 273 points to 17,324. Earlier, Sensex surged 923 points intra day to 58,183 and Nifty gained 273 points to 17,324.

Indian market ended lower in volatile trade today led by losses in banking, metal and auto shares. Sensex closed 195 points lower at 57,064 and Nifty lost 70 points to end at 16,983.

The Indian market ended in negative due to fag-end selling following sluggish investor sentiment in global markets. The selling pressure was triggered after European markets opened in the negative territory amid concerns over the Omicron variant of the coronavirus, traders said.

Earlier, Sensex surged 923 points intra day to 58,183 and Nifty gained 273 points to 17,324. Tata Steel was the top  Sensex loser, shedding 3.87 per cent, followed by Kotak Bank, Bajaj Auto, M&M, Bharti Airtel, Reliance Industries, IndusInd Bank and Maruti.

PowerGrid, Titan, Bajaj Finserv, Nestle India and Bajaj Finance were among the top Sensex gainers, rising up to 3.43%.

Of 30 Sensex stocks, 17 ended in the red. BSE mid-cap and small-cap indices fell 148 points and rose 124 points, respectively. The market breadth was positive with 1,778 shares ending higher against 1,471 stocks in the red. 153 shares were unchanged.

Gaurav Ratnaparkhi, Head of Technical Research, Sharekhan said," The Nifty witnessed sharp swings in both the directions. In the beginning of the session, the index saw strong momentum that pushed the index beyond 17,300. On the higher side, however, the bounce fizzled out near the upper end of the dynamic falling channel and the 40 hour exponential moving average. Thereon the bears took charge and dragged the Nifty below 17,000. Going ahead, the low point of the recent Doji formation i.e. 16,782 will be the key support to watch out for. Nifty can go for a base formation in the range of 16,800-17,200."

On the sectoral front, banking, metal and auto stocks led the losses today. BSE bankex index fell 350 points to 40,779, BSE metal lost 436 points to 18,217 and auto index closed 204 points lower at 23,989.

On the other hand, consumer durables and IT stocks capped losses in today's trade. While BSE consumer durables index rose 953 points , BSE IT index gained 322 points.

Market cap of BSE-listed firms fell to Rs 257.17 lakh crore.

On Monday, Indian market closed higher in volatile trade, backed by gains in Reliance Industries, Kotak Bank and HCL Tech. Sensex ended 153 points higher at 57,260 and Nifty gained 27 points to 17,053.

Kotak Bank was the top Sensex gainer, soaring 2.92 per cent, followed by HCL Tech, TCS, Titan, Bajaj Finance and Reliance Industries.

Foreign institutional investors (FIIs) sold shares worth Rs 3,332 crore on November 29, and domestic institutional investors (DIIs) bought shares worth Rs 4,611 crore, as per provisional data available on NSE.

Meanwhile, the rupee closed 10 paise lower at 75.17 against the US dollar.

Global markets

Elsewhere in Asia, bourses in Hong Kong, Seoul and Tokyo ended with losses, while Shanghai was positive. Stock exchanges in Europe were in the red in mid-session deals. International oil benchmark Brent crude tumbled 3.12 per cent to $71.15 per barrel.