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Sensex, Nifty snap four-day gaining streak; banking, IT shares top losers

Sensex, Nifty snap four-day gaining streak; banking, IT shares top losers

Sensex fell 150 points to 53,026 and Nifty lost 51 points to 15,799 today.

HUL, Axis Bank and  Bajaj Finserv were the top Sensex losers, falling up to 3.46 per cent. HUL, Axis Bank and Bajaj Finserv were the top Sensex losers, falling up to 3.46 per cent.

Benchmark indices snapped their four-day gaining streak today amid weak global cues. Sensex fell 150 points to 53,026 and Nifty lost 51 points to 15,799 today. HUL, Axis Bank and Bajaj Finserv were the top Sensex losers, falling up to 3.46 per cent.

NTPC, Reliance Industries, Sun Pharma and Ultratech Cement were the top Sensex gainers, rising up to 2.42 per cent.

Market breadth was negative with 1,521 stocks ending higher against 1,781 stocks falling on BSE. 148 shares were unchanged.

Mohit Nigam, Head - PMS, Hem Securities said, "Selling pressure was witnessed in Banking, IT and FMCG counters while some buying was witnessed in selected auto, metal and realty names. The Cabinet has approved a proposal which will allow upstream oil companies to sell crude oil to any company in the domestic market. This move will lead to pricing and marketing freedom in the sector and boost production. Overall, it seems that volatility may remain at elevated levels in the coming sessions too and investors should look for accumulating selective stocks in dips rather than buying in one shot. On the technical front, we believe Nifty may face some resistance between 15,900 and 16,000, but once markets sustain above 16,000 for a few sessions, we may witness a sharp upmove. Immediate support and resistance for Nifty are 15,600 and 15,900 respectively. Immediate support and resistance for bank Nifty are 33,000 and 34,000, respectively."

Banking and IT stocks were the top sectoral losers with their BSE indices ending 465 pts and 294 points lower, respectively.

Deepak Jasani, Head of Retail Research, HDFC Securities said, "Broader markets were weak as the midcap index fell 0.74 per cent and the advance-decline ratio ended in the negative. Global stock markets slipped for the second straight day on Wednesday on growing fears that policymakers bent on dampening inflation will tip their economies into recession. Nifty has shown signs of rising from the opening low levels over the past few sessions. However, it is not able to build on the gains in the session. Nifty could remain in the 15,638-15,927 band over the next few sessions."

BSE midcap and smallcap indices declined 155 points and 43 points, respectively. Market cap of BSE-listed firms fell to Rs 244.58 lakh crore.  Meanwhile, rupee plunged 19 paise to close at an all-time low of 79.04 against the US dollar.

Foreign institutional investors (FIIs) remained net sellers in the capital market, as they sold shares worth Rs 1,244.44 crore on Tuesday, as per exchange data.

On Tuesday, Sensex rose 16 points to 53,177 and Nifty gained 18 points to 15,850 in June 28 session. M&M, Reliance Industries, Dr Reddy's and Tech Mahindra were the top Sensex gainers, rising up to 2.78 per cent. Titan, Asian Paints and Bajaj Finserv were the top Sensex losers, falling up to 3.54 per cent.

Global markets

Elsewhere in Asia, markets in Tokyo, Shanghai, Seoul and Hong Kong ended lower. European markets were also trading lower in mid-session deals. The US markets also ended lower on Tuesday. Meanwhile, international oil benchmark Brent crude gained 0.31 per cent to $118.3 per barrel.

Published on: Jun 29, 2022, 4:49 PM IST
Posted by: Aseem Thapliyal, Jun 29, 2022, 4:43 PM IST