Sensex Clocks Worst Four-Day Fall In Over A Month; Nifty Settles Below 11,700
Closing Bell: Sensex Clocks Worst Four-Day Fall In Over A Month; Nifty Settles Below 11,700
Indian equity benchmark S&P BSE Sensex declined for the fourth consecutive trading session, clocking its worst four-day fall since May 13.
The 31-stock index closed 491 points or 1.25 percent lower at 38,960.79. The NSE Nifty 50 Index fell for the second consecutive trading session to settle below 11,700. The broader market index represented by the NSE Nifty 500 Index closed 1.31 percent lower.
The market breadth was tilted in favour of sellers. About 1,369 stocks declined and 409 shares advanced on National Stock Exchange.
All the 11 sectoral gauges compiled by NSE fell, led by the NSE Nifty Metal Index’s 2.8 percent decline.
Government Mulls Selling Control in Some Weak Banks
The central government is considering selling controlling stakes in some of the smaller state-run banks in a bid to raise funds to boost spending on programs for the poor, Bloomberg reported quoting people with knowledge of the matter.
Read the full story here.
Expect Markets To Correct Further Ahead Of Major Events, Gaurang Shah Says
The markets are possibly taking a signing of relief, catching up its breadth with profit booking, Geojit Financial Services’ Senior Vice President Gaurang Shah said.
“The markets are expected to see further correction ahead of the upcoming events including the Union Budget. These are great times to look at sectors and stocks which have earnings visibility, corporate governance and visibility of investment created in the long-term view,” Shah told BloombergQuint in an interaction.
Fab Four Stocks of The Day
- Stock rose as much as 9.6 percent to Rs 202.45.
- About 3.3 percent equity changed hands in multiple block deals.
- Stock rose as much as 2.9 percent to Rs 118.35.
- Warburg, Blackstone and Apax look to invest up to $750 million in the bank, according to a Mint report.
- Stock rose as much as 6.9 percent to Rs 184.70.
- Promoter released all pledge shares.
Dr. Lal Path Labs
- Stock rose as much as 5.9 percent to Rs 1,147.70.
- The scrip is set to close at its highest levels in over a year.
Nifty Sees Immediate Support Levels At 11,700, Choice Broking Says
The NSE Nifty 50, today, witnessed a selling procedure and the immediate support levels is seen at around 11,700, according to Choice Broking’s Executive Director Sumeet Bagadia.
The 50-stock index is expected to decline to 11,600-11,550 levels if the benchmark closes below the immediate support zone, Bagadia told BloombergQuint in an interaction.
Market Check: Sensex Set For Worst Four-Day Fall In Over A Month
Indian equity benchmark S&P BSE Sensex is set to end lower for the fourth consecutive trading session and is set for its worst four-day fall in over a month.
The S&P BSE Sensex traded around 400 points lower at 39,078 and the NSE Nifty 50 hovered around 11,700.