Sensex, Nifty Fall For Third Day Dragged By RIL, Bajaj Auto, OMCs
India's stock benchmarks logged losses after swinging between gains and losses for the most part of the session.
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India's stock benchmarks logged losses after swinging between gains and losses for the most part of the session. Energy, oil & gas stocks dragged as Sensex and Nifty extended losing streak for the third day.
The Sensex lost 0.29% (over 150 points) to 52,693.57. The 30-stock gauge traded in an over 600-point range between 53,095.32 and 52,459.48. The Nifty also declined by similar magnitude to 15,732.10. Today, 26 of the Nifty 50 stocks gained while 24 fell. Bajaj Auto was the top loser, falling over 5% after the company deferred the buyback proposal during the final hour of trade.
The MidCap index outperformed Sensex and Nifty, losing 0.15% while the SmallCap index almost mirrored its larger peers. Ten of the 19 sectoral indices compiled by BSE declined, with Energy and Oil & Gas index losing over 1%.
The market breadth is skewed in the favour of bears. About 1,550 stocks rose, 1,766 fell and 133 remained unchanged.
"Nifty 50 closes its day at above good resistance zone of 15,700 and if index holds above this mark for coming trading sessions then we may see more upward move towards 16,00-16,200 mark which are another resistance zone on the upside. Crucial support for Nifty 50 is 15,500 while Nifty may face some resistance at 16,300", Mohit Nigam, Head - PMS, Hem Securities wrote in a note.
Rice Mills' Stocks Gain After Government Clarification On Exports
Shares of rice mills like Kohinoor foods, LT Foods rose while KRBL and Chaman Lal Setia pared intraday gains.
This comes after Food Secretary Sudanshu Pandey clarified on Monday that there are no plans to restrict rice shipments as there are ample stockpiles of rice.
Sudhanshu Pandey also told reporters that the government will consider wheat export requests from other countries on a case-by-case basis.
Source: Bloomberg