Closing bell: Sensex nosedives 134 points on weak global cues, Nifty above 10,900 levels
BSE Senssex tanked 134 points to 36,444 levels. The 50-strip Nifty too went down by 39 points to 10,922 levels on Tuesday's close.
On account of heavy selling pressure at global bourses, the BSE Senssex tanked 134 points to 36,444 levels. The 50-strip Nifty too went down by 39 points to 10,922 levels on Tuesday's close. Stocks from metals, auto, telecom, tech, IT and infra were the major losers in intraday trade while sectors like retail, realty and pharma remained gainers. BSE Midcap slipped 14 points at the closing while BSE Smallcap closed 71 points down from its previous close.
Commenting upon the market trend Mehul Kothari, Senior Technical Anayst — Equity at IndiaNivesh told, "Since past three sessions, NIFTY was unable to clear the hurdle of 10930. While yesterday the index managed to clear the same on a closing basis which indicates strength. However, the only concern was lower participation from other stock. Pattern wise there is a clear breakout which indicates potential upside towards 11000 – 11100." However, he maintained that 11100 - 11200 still remains an important resistance where traders should start booking their long positons for the time being. "Meanwhile, 10880 – 11000 levels are likely to act as intermediate support and resistance respectively in the coming session. Traders are again advised to avoid over leveraged positions,"Kothari said.
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Indian rupee also traded weak, depreciating 0.31 per cent at 71.41 against the US dollar. While Asian indices remained red too, As Japan's Nikkei fell 100 points to 20,622. Heng Seng also took a dip of 190 points to close at 27,005. Shanghai too close red correcting 31 points amid weak global sentiments.
Asian shares and US stock futures slipped on Tuesday as pessimism about world growth drove investors away from risky assets, while sterling dithered as the latest plan for Brexit appeared to come and go with no progress.
In the domestic market, major gainers in the trading hours were- Sun Pharma, Wipro and Titan surging 5.18 per cent, 2.58 per cent and 2.07 per cent respectively. While Vedanta, Tata Steel and M&M remained major losers correcting around 3 per cent during the trading session on Tuesday.