INDIAN BENCHMARKS: SENSEX NIFTY ENDS AT 21 MONTHS LOW

INDIAN BENCHMARKS: SENSEX NIFTY ENDS AT 21 MONTHS LOW

Domestic equity benchmarks tumbled to hit new 52-week lows tracking weak global trends and a fresh slump in crude oil prices before paring some of the losses in the afternoon session, taking cues from a strong opening in European markets.

Earlier both the equity benchmarks bled in morning trade. Nifty50, Sensex and Nifty Bank all hit their fresh 52-week lows, with Nifty50 hitting the lowest level since May 30, 2014, down 20 per cent from its all-time high point of 9,119.20. A 20 % fall in the index from its recent peak signifies the onset of a bear phase. However, to confirm the same, the index has to spend some time at this level.

Coal India (up 1.57 per cent), L&T (up 0.73 per cent), Maruti (up 0.72 per cent), Reliance Industries (up 0.61 per cent) and Infosys (up 0.08 per cent) provided support to benchmark index. Tata Motors (down 6.04 per cent), SBI (down 4.82 per cent), Adani Ports (down 3.57 per cent), HDFC (down 3.24 per cent) and Cipla (down 3.17 per cent) were the biggest losers in the Sensex.

UPCOMING RESULTS:

BHEL, BANKINDIA, COALINDIA, HEROMOTO, IGL, JUBLFOOD, ONGC, SBI, VOLTAS, ORIENTBANK

HEADLINES OF THE DAY

Bata India Q3: Net Profit at Rs44.5 Crore.

Bharat Forge arm forms JV with Rafael Advanced Defense Systems.

Tata Chem Q3 Net Profit falls 45.4% (YoY).

The crucial resistance for Nifty SPOT is now seen at 7275 and above this 7326. Support for the immediate term is now placed at 7176 and next support will be 7109.

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