Sensex, Nifty End 1% Lower; Auto, Metals Lead Sell-Off
Closing Bell: Selling Across The Board
Indian equity markets ended lower amid subdued global cues and an elusive stimulus deal in the U.S. Volatility remained high through the session.
The S&P BSE Sensex ended 1.33% lower at 40,145 while the NSE Nifty 50 index failed to hold the mark of 11,800, ending 1.36% lower at 11,767.
“It is predominantly global factors at play here with U.S. futures down and investors also want to avoid the U.S. election day uncertainty,” Kranthi Bathini, an equity strategist at WealthMills Securities Pvt. told Bloomberg/
Selling pressure was seen across the board as all sectoral indices ended with losses. The declines were lead mainly by the Nifty Metal (down 3.5%) and Nifty Auto (down 3.2%) index.
The top contributor to the downside today was Reliance Industries, which ended 3.7% lower, its biggest single-day drop in three months. The stock closed at its lowest level since early August while on the technical front, the charts have slipped into oversold territory, with Relative Strength Index (RSI) falling to 29.
The Nifty Bank and Nifty PSU Bank index fell over 1% each while the Nifty Pharma and Nifty Realty index declined 1.5% and 1.9% respectively.
Broader markets, especially the midcap index, underperformed the benchmarks in today's session. The Nifty Midcap index ended 1.7% lower while the Smallcap index declined 1%.
India Volatility Index ended 4.6% higher at 22.83.
1,219 stocks on the NSE ended with losses, while 645 stocks posted gains.