The Indian stock market witnessed heavy profit booking ahead of November series expiry.
Approximately 2 lakh crore were wiped off as the benchmark indices declined by close to 2 per cent towards the end of the trading session. BSE Midcap & Smallcap indices also joined hands with the benchmark indices and suffered strong losses.
At close, Sensex was 694.92 points or 1.56 per cent down at 43,828.10, while Nifty was at 12,858.40, down by 196.75 points or 1.51 per cent. Both the indices had scaled a fresh record high in the morning session.
Realty, Banking & Telecom sector lost almost 2 per cent. BSE Oil & Gas closed almost flat because of ONGC which rose by about 6 per cent. Among others, Metals were down by 0.44 per cent, FMCG was down by 1.09 per cent & the Auto Index was down by 1.26 per cent.
Shares of Kotak Bank, Eicher Motors, Bharti Airtel, Axis Bank & Asian Paints were the top losers in the Nifty pack. These shares saw a decline of close to 4 per cent. Meanwhile, shares of Tata Power, Gland Pharma, Chambal Fertilizers, Tanla Solutions & CAMS have scaled to a fresh 52 weeks high.
Our View: 13,100 – 13,200 level could prove to be a resistance zone & traders can utilize this level to book profits. 12,800 level would act as strong support and fresh long positions can be initiated around this level.
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