Sensex, Nifty  Halt Three-Day Rally On Weekly Expiry
A pedestrian walks besides Bombay Stock Exchange building at Dalal Street, Mumbai. (Photographer: Anirudh Saligrama/BloombergQuint)

Sensex, Nifty Halt Three-Day Rally On Weekly Expiry

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Closing Bell: Sensex, Nifty Halt Three-Day Rally On Weekly Expiry

Indian equity benchmarks snapped its three-day rally, driven by losses in auto stocks and Yes Bank.

The S&P BSE Sensex closed 0.81 percent lower at 38,897.46 and the NSE Nifty 50 ended at 11,596.90, down 0.78 percent. The broader market index represented by the NSE Nifty 500 Index closed 0.91 percent lower. Yes Bank was the top loser on both Sensex and Nifty indices after it fell over 12 percent. The private lender announced its June quarter results on Wednesday.

The market breadth was tilted in favour of sellers. About 1,301 stocks declined and 453 shares advanced on National Stock Exchange.

Nine out of 11 sectoral gauges compiled by NSE closed lower, led by the NSE Nifty PSU Bank Index’s 3.18 percent fall. On the flipside, the NSE Nifty Media Index was the top sectoral gainer, up 0.23 percent.

Sensex, Nifty  Halt Three-Day Rally On Weekly Expiry

Block Deal Alert: Vodafone Idea

About 19.8 lakh shares of the country’s largest telecom operator changed hands through two block deals, Bloomberg data showed. Buyers and sellers were not known immediately.

The shares fell as much as 6.3 percent to Rs 11.20 apiece after the deal. The stock has declined 60 percent in the past 12 months compared with a 7.1 percent gain in the Sensex.

City Union Bank Recovers From Day's Low On Fund-Raising Plans

Shares of the Tamil Nadu-based lender pared day’s losses as it traded 1.9 percent down at Rs 205.30. The stock declined close to 3.5 percent intraday.

The bank’s board approved to raise further capital to the tune of Rs 500 crore through QIP route, according to an exchange notification.

The stock traded 11 percent below the Bloomberg consensus one-year target price.

Market Commentary: Nifty May Touch 11,450-Levels Soon, Says Rahul Randeria

The Nifty may fall to around 11,460 in the next few sessions due to pressure at higher levels, according to Rahul Randeria, an independent market expert.

"Besides, the heavyweight stocks which provided support till now to the indices are losing momentum at current level." However, Randeria did not see any "major" downside in the index for intraday ahead of the weekly expiry.

Market Commentary: Nifty Sees First Support Level At 11,640, Reliance Securities Says

The Nifty sees its first support at 11,640 and then at 11,610, while it sees resistance at 11,775 and then at 11,850 in today’s trade, according to Reliance Securities.

“The Nifty continued its daily rising trend for straight third trading session in a row, failed to surpass its short-term moving average convincingly,” the research firm said in a note.

Due to further rebound, its momentum indicator and oscillator has given positive cross-over, signals probable rebound is on the cards. However downward slopping short-term and medium-term moving averages and bearish trend following indicator were not in favour of the expected bounce back, Reliance Securities said.

Stocks Moving On Heavy Volumes

Security & Intelligence Services

  • Stock fell as much as 2 percent to Rs 830.
  • Trading volume was more than 110 times its 20-day average.

Intellect Design Arena

  • Stock fell as much as 5.9 percent to Rs 255.65.
  • Trading volume was almost 20 times its 20-day average.

Dishman Carbogen Amcis

  • Stock rose as much as 2.3 percent to Rs 219.
  • Trading volume was almost 11 times its 20-day average.

Mindtree

  • Stock fell as much as 10.6 percent to Rs 670.95.
  • Trading volume was more than 10 times its 20-day average
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