Closing Bell: Sharp selloff in the last
hour pushes Nifty below 11,600, Sensex ends over 300 points lower.
It was
an anti-climax for the market on Monday, as benchmarks closed nowhere near to
the levels they had opened at. In fact, a sharp selloff in the last hour erased
all the gains, with the market closing at low points of the day. The Nifty
managed to give up 11,600, while the Sensex fell around 300 points.
While
FMCG were one of the big laggards through the day, weakness among banks, along
with IT, pharmaceuticals, energy, and infrastructure sectors also weighed on
the indices. Investors also rushed to sell midcaps, as the Nifty Midcap shed
around 0.40 percent, after rising a percent in the morning.
At the
close of market hours, the Sensex fell 332.55 points or 0.86% at 38312.52,
while the Nifty ended lower by 98.10 points or 0.84% at 11582.40. The market
breadth is negative as 1,347 shares advanced, against a decline of 1,409 shares,
while 199 shares were unchanged.
Wipro,
Adani Ports and Dr Reddy’s were the top gainers, while HUL, Power Grid, and
Bajaj Finance lost the most.
HEADLINES OF THE DAY
Share price of Godrej Consumer Products touched 52-week high of Rs
1,469, rising 1.5 percent as company divested entire stake in its UK business.
MTNL's plans to seek approval of shareholders for raising
authorised share capital to Rs 10,000 crore and borrowing powers by almost 40
per cent will aid the state-owned corporation's 4G plans and provide it the
firepower to compete in the market, its chairman P K Purwar has said.
LIC board to meet tomorrow to decide IDBI Bank stake hike plan.
Reliance Infrastructure has won Rs 200 crore arbitration award
against National Highway Authority of India (NHAI).
The crucial resistance
for Nifty spot is now seen at 11750 and above this 11900 Support for the
immediate term is now placed at 11550 next support will be 11350.
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