scorecardresearch
Sensex gives up 60k mark, Nifty ends below 17,750; IT stocks lead losses

Sensex gives up 60k mark, Nifty ends below 17,750; IT stocks lead losses

After plunging over 1,032.35 points during the session, Sensex pared some losses to end 410.28 points lower at 59,667.60. Nifty declined 106.50 points or 0.60 per cent to 17,748.60

A rise in US bond yields and crude oil price along with the Chinese crisis acted as key headwinds to the ongoing rally in the global market, he added. A rise in US bond yields and crude oil price along with the Chinese crisis acted as key headwinds to the ongoing rally in the global market, he added.

Benchmark indices ended lower today after three record-breaking sessions, tracking losses in Infosys, ICICI Bank and HDFC twins amid weak global cues.

After plunging over 1,032.35 points during the session, Sensex pared some losses to end 410.28 points at 59,667.60. Nifty declined 106.50 points or 0.60 per cent to 17,748.60.

Bharti Airtel was the top Sensex loser, falling 3.68% followed by Tech Mahindra, Bajaj Finance, Bajaj Finserv, HCL Tech and Infosys.

PowerGrid, NTPC, Sun Pharma, Titan, Kotak Bank and Dr Reddy's were among the top Sensex gainers,  rising up to 4.40%.

"Following negative global cues and profit-booking in IT and realty sectors, the domestic market hit rough weather, however, it witnessed a rebound towards the closing," said Vinod Nair, Head of Research at Geojit Financial Services.

A rise in US bond yields and crude oil price along with the Chinese crisis acted as key headwinds to the ongoing rally in the global market, he added.

Of 30 Sensex shares, 20 ended lower.

BSE midcap and small cap indices fell 180 points and 173 points, respectively.

Gaurav Ratnaparkhi, Head of Technical Research, Sharekhan said, "The daily upper Bollinger Band, which has become flat, is likely to maintain pressure on the higher side. The daily momentum indicator has formed a bearish hook, suggesting weakness in the short term. Nifty is expected to witness short term consolidation in the range of 17,400-17,950. Also, as indicated by the India VIX, volatility is expected to increase over the next few sessions and there can be sharp swings in both the directions. So, traders need to be cautious with their short term trading positions."

On the sectoral front, oil and gas, metal and consumer durables shares led the gains with the BSE oil and gas index ending 258 points higher at 18,149, metal index closing 185 points higher at 19,872 and BSE consumer durables index adding 193 points to 40,836.

On the other hand, IT shares were the top losers for the second consecutive session.

BSE IT index lost 698 points to 34,545. On Monday, the index tanked 835 points to 35,243.

Market breadth was negative with 1,502 shares ending higher against 1,755 shares closing in the red. 168 stocks were unchanged.

Global markets

Japan's benchmark Nikkei 225 lost 0.3% to 30,139.65. Australia's S&P/ASX 200 slipped 1% to 7,314.10. South Korea's Kospi declined 0.8% to 3,109.07.

Hong Kong's Hang Seng added 1.7% to 24,619.28. The Shanghai Composite index climbed 0.3% to 3,594.18.

The S&P 500 fell 0.3% to 4,443.11, ending a three-day winning streak for the benchmark index. The Nasdaq dropped 0.5% to 14,969.97, while the Dow managed a 0.2% gain to 34,869.37.

Meanwhile, international oil benchmark Brent crude rose 0.89 per cent to $79.42 per barrel.