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Sensex falls 135 points, Nifty holds 15,700; banking, auto shares lead losses

Sensex falls 135 points, Nifty holds 15,700; banking, auto shares lead losses

Sensex ended 135 points lower at 52,443 and Nifty slipped 37 points to 15,709

 Top Sensex losers were Kotak Bank, Dr Reddy’s, M&M, PowerGrid, NTPC, Nestle India and HDFC Bank falling up to 2.64%. Top Sensex losers were Kotak Bank, Dr Reddy’s, M&M, PowerGrid, NTPC, Nestle India and HDFC Bank falling up to 2.64%.

Benchmark indices ended lower for the third straight session today due to weak global cues. Sensex closed 135 points lower at 52,443, while Nifty slipped 37 points to 15,709.

Top Sensex losers were Kotak Bank, Dr Reddy's, M&M, PowerGrid, NTPC, Nestle India and HDFC Bank falling up to 2.64%.

Bharti Airtel, Tata Steel, IndusInd Bank and Bajaj Finserv were among the top Sensex gainers rising up to 5.08%.

In the last three sessions, Sensex has lost 532 points and Nifty is down 147 points.

BSE mid cap and small cap indices rose 0.69 points and fell 119 points, respectively in trade today.

Banking, auto and consumer durables shares led the losses with their BSE indices slipping 318 points, 226 points and 225 points, respectively.

Benchmark indices in red
Indices end in red

On the other hand, metal stocks were the top gainers with BSE metal index surging 280 points to 20,110.

Nagaraj Shetti, Technical Research  Analyst at HDFC Securities said, "The short-term trend of Nifty continues to be negative. But, the formation of hammer type pattern at crucial support and sharp intraday upside recovery from a lower range are pointing towards an upside bounce in the market in the next 1-2 sessions. The expected upside is likely to test the upper resistance of 15,860-15,900 levels in the near term."

Market cap of BSE listed firms fell to Rs 233.81 lakh crore. Market breadth was negative with 1,414 shares rising against 1,791 falling on BSE. 128 stocks were unchanged.

On the outlook of Nifty, Sahaj Agrawal, Head of Research- Derivatives at Kotak Securities said, "After selling pressure in the first half, good recovery was seen. Nifty managed to defend 15,700 and close marginally above the same. Support is now seen at 15,500 while resistance is placed at 16,000/16,100 levels. For the near term, expect short covering above 15,770 on the index. Metals and Realty continue to remain in momentum while banking provides value for the medium term."

Meanwhile, rupee recovered by 9 paise to close at 74.38 against the US dollar, snapping it two-day losing run ahead of the US Fed policy decision.

At the interbank foreign exchange market, the local unit opened at 74.44 and witnessed an intra-day high of 74.31 and a low of 74.49 during the session. On Tuesday, the rupee had settled at 74.47 against the US dollar.

Global markets

In Asia, bourses in Shanghai and Tokyo ended with losses, while Hong Kong and Seoul closed with gains.

Equities in Europe were trading on a positive note in mid-session deals.

Investors were looking for an update from a Fed board meeting that began Tuesday on when the US central bank might start to reduce bond purchases that inject money into financial markets and keep interest rates low.

Meanwhile, international oil benchmark Brent crude advanced 0.76 per cent to $74.08 per barrel.