scorecardresearch
Sensex, Nifty halt six-day winning run; banking stocks top losers

Sensex, Nifty halt six-day winning run; banking stocks top losers

Sensex ended 51.73 points lower at 58,298.80 and Nifty fell 6.15 points to 17,382.

 NTPC, State Bank of India, Axis Bank, Reliance Industries, Power Grid and Kotak Mahindra Bank were among the top losers, falling up to 3.10 per cent. NTPC, State Bank of India, Axis Bank, Reliance Industries, Power Grid and Kotak Mahindra Bank were among the top losers, falling up to 3.10 per cent.

Equity market snapped its six-session rally to close marginally lower on Thursday amid profit booking in banking and energy stocks. In choppy trade, Sensex ended 51.73 points lower at 58,298.80. During the day, it hit a low of 57,577.05 and a high of 58,712.66.

Nifty dipped 6.15 points or 0.04 per cent to end at 17,382.

Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities said, "Profit taking finally came into play after 6-session gains, as rate-sensitive sectors like banking and realty faltered ahead of the RBI's policy meet on Friday. Key indices pared most of their losses towards the end as strength in other Asian and European indices aided sentiment. Technically, between 17400 -17450, the Nifty consistently witnessed profit booking. The index has formed a bearish candle which indicates indecisiveness between the bulls and bears. The Nifty has support at 17250 and below the same the index could slip till 17150-17100. On the flip side, a fresh breakout is possible only after 17450 and could move up to 17560-17600 levels."

NTPC, State Bank of India, Axis Bank, Reliance Industries, Power Grid and Kotak Mahindra Bank were among the top losers, falling up to 3.10 per cent.

Share Market update: Sensex closes 51 pts lower; NTPC, SBI top losers

Sun Pharma, Nestle, Infosys, Dr Reddy's, Wipro and Mahindra & Mahindra were among the top Sensex gainers, rising up to 2.46 per cent.

"Taking positive momentum from the robust US economic data, the domestic market opened with gains, while worries over the US-China conflict kept investors on the defensive, leading to heavy volatility. Weak PMI and trade deficit data witnessed downside pressure on the Indian rupee and equity market," said Vinod Nair, Head of Research at Geojit Financial Services.

BSE bankex was the top sectoral loser, falling 312 pts to 43,346.

Meanwhile, the rupee fell 17 paise to close at 79.32 against the US dollar on Thursday, weighed down by disappointing macroeconomic data and US-China tensions.

On Wednesday, the rupee had slumped by 62 paise to close at 79.15, marking its worst single-day fall in the current fiscal year.

Foreign institutional investors remained net buyers in the capital markets as they bought shares worth Rs 765.17 crore on Wednesday, as per exchange data.

Global markets

In Asia, markets in Seoul, Tokyo, Shanghai and Hong Kong ended in the green.

European stocks were trading mostly higher during mid-session deals. The US markets had ended significantly higher on Wednesday.

Meanwhile, international oil benchmark Brent crude dipped 0.28 per cent to $96.51 per barrel.