Sensex snaps 5-day winning run, ends 144 points lower

Snapping its five-session winning run, equity benchmark Sensex ended 144 points lower on Thursday, tracking losses in index heavyweights HDFC twins, Reliance Industries and ICICI Bank.

The 30-share BSE index settled 143.62 points or 0.31 per cent lower at 45,959.88. The broader NSE Nifty fell 50.80 points or 0.38 per cent to 13,478.30.

UltraTech Cement was the top loser in the Sensex pack, shedding around 3 per cent, followed by M&M, HDFC Bank, IndusInd Bank, Axis Bank and Reliance Industries.

On the other hand, Nestle India, ITC, HUL and Kotak Bank were among the gainers.

According to traders, profit-booking emerged at higher levels, dragging benchmark indices lower.

The broader indices traded weak along with selling seen in basic materials, public sector and capital goods counters.

“During the afternoon session, markets scaled back from lows as traders took some relief from reports that the Asian Development Bank (ADB) raised the growth forecast for India in the current fiscal year to (-) 8 per cent from the (-) 9 per cent projection in September while keeping the outlook for the next fiscal year at 8 per cent,” said Narendra Solanki, Head- Equity Research (Fundamental), Anand Rathi.

Elsewhere in Asia, bourses in Hong Kong, Seoul and Tokyo ended in the red, while Shanghai was in the positive territory.

Stock exchanges in Europe were also trading with gains in early deals.

Meanwhile, the global oil benchmark Brent crude futures rose 0.76 per cent to USD 49.23 per barrel.

Nifty call:

Strategy: Go short if the contract breaches 13,450

Supports: 13,450 and 13,375

Resistances: 13,500 and 13,530

Rupee call:

Even as rupee opened on the weak foot today, it has a support at 73.70. At the other end, INR faces a resistance at 73.50. Hence, the next leg of trend will remain unclear until it treads within 73.50 and 73.70. So, traders can adopt range trading strategy until it moves out of the range.

Supports: 73.70 and 73.85

Resistances: 73.50 and 73.40

Update:

Equity benchmark Sensex dropped over 250 points in early trade on Thursday tracking losses in index-heavyweight HDFC twins, Reliance Industries and Infosys amid weak trend in global markets.

According to traders, profit-booking emerged at higher levels, dragging benchmark indices lower.

The 30-share BSE index was trading 254.72 points or 0.55 per cent lower at 45,848.78.

Similarly, the broader NSE Nifty fell 79.60 points or 0.59 per cent to 13,449.50.

UltraTech Cement was the top loser in the Sensex pack, shedding around 2 per cent, followed by Tata Steel, ONGC, IndusInd Bank, HDFC Bank, M&M, Infosys and Reliance Industries.

On the other hand, Maruti, Nestle India, Titan and PowerGrid were among the gainers.

In the previous session, Sensex ended 494.99 points or 1.09 per cent higher at its lifetime high of 46,103.50, while Nifty rallied 136.15 points or 1.02 per cent to its new record high of 13,529.10.

Foreign portfolio investors (FPIs) were net buyers in the capital market as they purchased shares worth Rs 3,564.23 crore on a net basis on Wednesday, according to provisional exchange data.

“Domestic markets do not appear inspiring at the moment as global markets are trading in red,” said Binod Modi Head-Strategy at Reliance Securities.

US equities finished lower mainly led by selling pressure in technology stocks, he added.

Elsewhere in Asia, bourses in Hong Kong, Seoul and Tokyo were trading in the red in mid-session deals, while Shanghai was in the positive territory.

Meanwhile, the global oil benchmark Brent crude futures were trading 0.53 per cent higher at USD 49.12 per barrel. (PTI)

Opening bell:

Sensex dropped 164.73 points to 45,938.77 in opening session. Meanwhile, Nifty shed 52.45 points to 13,476.65.

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