Indian equity market fell today after a single-session pause led by losses in IT, auto, consumer goods and capital goods shares. Sensex ended 323 points lower at 58,340 and Nifty fell 88 points to 17,415. Market cap of BSE-listed firms stood at Rs 263.62 lakh crore. Maruti, Infosys, ITC, Reliance Industries, L&T and Tech Mahindra were the top Sensex losers, falling up to 2.62%.
On the other hand, Kotak Bank, NTPC,and ICICI Bank were the top Sensex gainers, rising up to 1.45%.
Of 30 Sensex stocks, 22 ended in the red.
Nagaraj Shetti, Technical Research Analyst at HDFC Securities said," After a downside breakout of the trend line support at 17,800 levels recently, the market failing to show any sustainable upside bounce so far signals a sell on rise opportunity in the market. Any upside bounce from the lows could be considered as a pullback rally of a down trend."
"Further weakness from here could test the key lower weekly support of 20 week EMA around 17200 levels as per weekly timeframe chart, before showing another round of upside bounce from the lows," added Shetti.
BSE mid-cap and small-cap indices fell 148 points and rose 124 points, respectively.
The market breadth was positive with 1,956 shares ending higher against 1,334 stocks in the red. 140 shares were unchanged.
Gaurav Ratnaparkhi, Head of Technical Research, Sharekhan said," Nifty is expected to attract buying support again near the lower end of the falling channel. Thus on the downside, 17,300-17,200 is a cushion for the Nifty. Unless that breaks on a closing basis, the index is expected to witness gradual recovery."
On the sectoral front, consumer durables, capital goods and auto stocks led the losses today.
BSE consumer durables index fell 234 points to 43,1,72, BSE capital goods lost 264 points to 28,202 and auto index closed 304 points lower at 25,517. BSE IT index slipped 428 points to 34,144.
On Tuesday, Indian market snapped four-day losing streak, backed by gains in metals and PSU bank stocks. Sensex ended 198.44 points higher at 58,664.33 and Nifty rose 86.80 points to 17,503.30.
Foreign institutional investors (FIIs) sold shares worth Rs 4,477 crore on November 23, and domestic institutional investors (DIIs) bought shares worth Rs 1,412 crore, as per provisional data available on NSE
France's CAC 40 edged up 0.4% to 7,074.05 in early trading, while Germany's DAX rose 0.1% to 15,955.14. Britain's FTSE 100 added 0.5% to 7,303.68. The future for the Dow Jones Industrial Average edged 0.1% lower to 35,744.00. The S&P 500 future fell 0.1% to 4,685.00.
In Asia, Japan's Nikkei 225 dropped 1.6% to finish at 29,302.66, following a national holiday on Tuesday. Technology shares especially took a hit over the speculation about the Fed's moves. South Korea's Kospi slipped 0.1% to 2,994.29. In Australia, the S&P/ASX 200 edged down 0.2% to 7,399.40. Hong Kong's Hang Seng rose 0.1% to 24,685.50, while the Shanghai Composite edged up 0.1% to 3,592.70.
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