Sensex, Nifty Snap Two-Day Winning Streak Dragged By HDFC, Bajaj Finance


Sensex, Nifty Snap Two-Day Winning Streak Dragged By HDFC, Bajaj Finance

The Indian equity benchmarks dragged their two-day winning streak on Tuesday dragged by losses in HDFC twins, Bajaj Finance, Kotak Mahindra Bank, Maruti Suzuki, Axis Bank and HCL Technologies. The Sensex fell as much as 332 points at the day’s lowest level and Nifty 50 index briefly dropped below its important psychological level of 18,000. The markets however, recovered most of their losses by the end of the day on the back of buying interest in Reliance Industries, ICICI Bank, Mahindra & Mahindra and State Bank of India.

The Sensex ended 112 points lower at 60,433 and Nifty 50 index declined 25 points to end at 18,044.

“If Nifty is able to sustain the level of 18000, market can witness a positive momentum which can lead to higher levels near 18,250. The momentum indicators like RSI and MACD indicating positive momentum in the market,” said Vijay Dhanotiya, senior research analyst at CapitalVia Global Research.

Seven of 15 sector gauges compiled by the National Stock Exchange ended lower led by the Nifty Financial Services index’s 0.7 per cent decline. Nifty Bank, FMCG, Metal and Consumer Durable indices also ended on a negative note.

On the other hand, Nifty Oil & Gas, PSU Bank, Auto and Healthcare indices ended higher.

Mid- and small-cap shares outperformed their larger peers as Nifty Midcap 100 and Nifty Smallcap 100 indices rose 0.4 per cent each.

Britannia Industries was top Nifty loser, the stock fell 2.6 per cent to close at Rs 3,621 after its net profit fell 23 per cent to Rs 384 crore in September quarter.

HDFC Bank, HDFC, NTPC, Bajaj Finance, Maruti Suzuki, JSW Steel, Shree Cements, Power Grid and Hindalco also fell between 1-1.7 per cent.

On the flipside, Mahindra & Mahindra was top Nifty gainer, the stock rose 5.24 per cent to close at Rs 904 after its profit jumped multifold to Rs 1,929 crore from Rs 136 crore in the year ago period.

Tata Motors, Hero MotoCorp, State Bank of India, ONGC, Reliance Industries, ICICI Bank, Adani Ports, Larsen & Toubro and Divi’s Labs also rose between 0.8-1.9 per cent.

The overall market breadth was positive as 2,007 shares ended higher while 1,304 closed lower on the BSE.