Closing Bell: Last hour recovery helps
D-Street cut losses, Sensex down 100 points; Nifty above 11,450.
A good
recovery in the last hour has helped the market close with shallow cuts. The
Sensex managed to recover over 250 points from its low point, while the Nifty
shed about 70-odd points from its low point. Both indices closed in the red.
The
recovery was led by automobile names, courtesy a good rally in Tata Motors. The
stock rallied after its August JLR sales were stellar and helped in boosting
auto names. There was a recovery in the metals segment as well, while
pharmaceuticals, the sole gainer through the morning and afternoon,
strengthened its position to end in the green. The Nifty Pharma and metal index
were higher by a percent.
Among
broader markets, the midcaps managed to end the day with a fall of around
one-third of a percent. It had declined over a percent in the morning.
At the
close of market hours, the Sensex is down 139.61 points or 0.37% at 38018.31,
while the Nifty is down 43.30 points or 0.38% at 11477.00. The market breadth
is negative as 1,053 shares advanced, against a decline of 1,680 shares, while
180 shares were unchanged.
HEADLINES OF THE DAY
Rupee to hit new lows vs USD.
JSPL plans to demerge steel, power, international business into
three separate units.
The crucial resistance for
Nifty spot is now seen at 11550 and above this 11700 Support for the immediate
term is now placed at 11350 next support will be 11180.
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