Sensex, Nifty End 4% Lower Led By Banks, Reliance
Markets At Close
- Nifty ends 4.4 percent lower at 8,281; down 379 points
- Nifty futures end at 8,301; a premium of 20 points
- Sensex ends 4.6 percent lower at 28,440; down 1,375 points
- Nifty Bank ends 5.9 percent lower at 18,782; down 1,186 points
- Nifty Midcap Index ends 2.8 percent lower
- Nifty Smallcap Index ends 2.3 percent lower
- India Volatility Index ends 1.53 percent higher at 71.46
- Nifty Realty Index ends 7.7 percent lower; top sectoral laggard
- Nifty Auto ends 5 percent lower
- Nifty Pharma (Up 1.4 percent) and Nifty FMCG (Up 0.7 percent) the only sectoral gainers
- Cipla ends as the top Nifty gainer; up 6.7 percent
- Bajaj Finance ends as the top Nifty loser; down 11.9 percent
What Dragged The Nifty Lower
Closing Bell: Weak Start, Weaker End
Indian equity markets began the truncated weak on a negative note owing to lack of positive cues from anywhere across the globe.
The S&P BSE Sensex ended 4.6 percent lower at 28,440. The 30-stock index shed 1,375 points in today's session. 22 out of the 30 constituents ended the day with losses.
The NSE Nifty 50 ended the day with cuts of 4.4 percent at 8,281. 380 points were given up by the index which opened 3 percent lower. 39 out of the 50 constituents reported losses.
Cipla ended up being the top gainer on the index, ending the day with gains of 6 percent.
All sectoral indices barring FMCG and Pharma ended the day with losses, with Nifty Bank falling 6 percent and Nifty Realty seeing a 7 percent drop.
702 stocks ended the trading day with gains while 1,095 stocks reported declines.
Stock Update: JSW Steel
Sajjan Jindal has released 1.09 crore pledged shares of JSW Steel Ltd. worth Rs 165 crore and 5.48 crore pledged shares of JSW Energy worth Rs 243 crore.
The total amount repaid as per the company statement is Rs 640 crore.
Shares of JSW Steel recovered from the day's low but trade 6 percent lower at Rs 142.75, while JSW Energy too recovered from the day's low to trade 1.6 percent lower at Rs 43.75.
Trading Ideas From Brijesh Singh Of StockAxis
- Sell Nifty futures at 8,290 - 8,300 for target of 7,930 and stop loss of 8,456 for 3-4 days.
- Sell IndusInd Bank futures at Rs 405 for target of Rs 362 and stop loss of Rs 424 for 2-3 trading days.
- Buy Sun Pharma at Rs 332 for target of Rs 378 and stop loss of Rs 312 for one week.