Live
- SRH vs RCB: Daniel Vettori hopes someone in SRH can play anchor role when chasing
- Should re-election be held with fresh candidates if NOTA gets a majority? SC issues notice to EC
- At 47.48 pc, Barmer-Jaisalmer records highest turnout in Rajasthan
- Falsely accusing spouse of infidelity constitutes mental cruelty: Delhi HC
- KCR family not in election battle for first time in two decades
- U20 men's football nationals: Telangana see off Sikkim to set up QF clash against Manipur
- Chintamaneni Prabhakar Promises Security and Welfare for Poor Families with Babu's Super 6 Schemes
- J&K Police file case against attempt to disrespect place of worship
- Velampalli Srinivasa Rao Seeks Votes in 61st Division, Slams Opposition Parties
- Major Development Projects Completed in Bhimavaram Town by MLA Grandhi Srinivas
Market closes in red
Market closes in red, The Nifty closed the session 40 points lower at 7,790. While broader index loss appears small, most stocks had fallen sharply.
.jpg)
Mumbai: Markets recorded its first drop in nine trade session, as Sensex closed 145 point lower at 26,126 following selling pressure in blue-chips as the market at over bought position. It reported a loss of about 0.55 per cent.
The Nifty closed the session 40 points lower at 7,790. While broader index loss appears small, most stocks had fallen sharply.
Traders say that the market was in an overbought position and hence turn cautious, prefer reduce some positions. Thus heavy selling pressure was seen in realty, metal, power, PSU, auto and O&G sectors.
The 34 of Nifty stocks declined and broader market was quite weak with advance decline ratio placed at 1:2.75.
Barring Pharma and FMCG indices, all other indices led by Realty, Media, Metal, PSU Bank, Infra indices declined sharply.
Tata Motors, ICICI Bank, Reliance and SBI dragged down Nifty by more than 35 points while HDFC, Hind Unilever, Sun Pharma contributed contained the loss by about 25 points.
Sun Pharma, Lupin, Hind Unileer, Asian Paints remained gainers among Nifty stocks while Tata Motors, Cairn, DLF, Wipro and Jindal Steel remained major losers.
Glenmark, Ranbaxy, Jubilant Food remained major gainers among F&O stocks while Biocon, Arvind, Century Textiles, UCO Bank, LIC Housing declined sharply among F&O stocks.
Midsession better
Eight day winning streak was arrested and most stocks fell sharply while Nifty fell by about 0.55 per cent. However, Nifty gained more than 1.50 per cent for the week. Stop loss for Nifty long positions may be maintained at 7725. Nifty spot is expected to encounter resistance at 7825, 7865 and find support at 7750, 7715, for Monday. While global cues, quarterly results and funds flow are expected to guide the market based on the present market condition. It may be expected to perform better after the opening session, particularly during midsession. - Dr BA Sastry
