The Indian stock market continued to record sharp losses, with Sensex falling for the third straight session and Nifty bleeding for the sixth consecutive session amid fading hopes for a peace deal in the Middle East.
Sensex fell around 493 points to close at around 77,235 while Nifty 50 lost around 133 points to end the session at 24,155 level. Broader markets also closed in the red, with Nifty Smallcap 100 and Nifty Midcap 100 falling up to 0.4%.
Asian Paints, Infosys, HCL Tech and Bharti Airtel shares dropped around 2% each to lead losses on Sensex, while TCS, Hindustan Unilever, UltraTech Cement, IndiGo, ITC and Kotak Mahindra Bank shares fell over 1% each. Bucking the trend, Axis Bank and Power Grid shares rose nearly 1% each.
Among the sectors, Nifty IT dropped nearly 2% to lead losses, while Nifty Realty and Nifty PSU Bank fell more than 1% each. The overall market breadth remained negative, with NSE seeing 1,558 advances against 1,924 declines, while 100 stocks remained unchanged.
Technical view on Nifty
Bargain hunting stepped in again on Monday to arrest dips and trigger an upswing, but upsides remained capped, said Anand James, Chief Market Strategist at Geojit Investments. He noted that with Nifty having declined persistently through this month so far, a mean reversion swing higher appears likely.
“However, near term upside attempts will struggle to clear 24,540-24,666, while the potential for a leap to 24,850-25,100…appears to be low at the moment. Alternatively, inability to limit dips to 24,170, could expose 23,575,” the analyst said, explaining the technical charts.
(With inputs from agencies)
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
.jpeg?w=600)
