Stock Market Highlights: Sensex drops 746 points, Nifty below 14,400

Stock Market Highlights: Sensex drops 746 points, Nifty below 14,400

The Sensex slipped 746 points and the Nifty closed below 14,400 dragged by Metal and Banking & Financial stocks.

At close, the Sensex was down 746.22 points or 1.50 per cent at 48,878.54 and the Nifty was down 218.50 points or 1.50 per cent at 14,371.90. About 960 shares have advanced, 1961 shares declined and 132 shares are unchanged.

On the Nifty 50 index, Bajaj Auto (10.43 per cent), Hero Motocorp (3.93 per cent), HUL (1.76 per cent) and Eicher Motors (1.57 per cent), were the top gainers for the day, while Axis Bank (-4.64 per cent), JSW Steel (-4.55 per cent), Asian Paints (-4.41 per cent) and Hindalco (-3.90 per cent) were the top losers for the day.

On the sectoral front, all the sectoral indices ended in red except Nifty IT and Nifty Auto. Nifty Metal, Nifty Bank and Nifty PSU Bank lost more than 3 per cent each towards the end while Nifty Pharma, Nifty Infra and Nifty Energy lost more than 1 per cent.

Author’s View: Immediate support on Nifty is 14,170 – 14,200. If this level is broken we may see a further downside till 13,650 level. On the upside 14,450 – 14,500 will act as an important resistance for Nifty. A decisive breakout from this level may extend Nifty upside movement till 14,800 – 15,000 levels. 

Disclaimer:  The view/s expressed above are only for educational/awareness purpose. or the author of the post bears no liability for any losses suffered by following any advice posted on the website. You are solely responsible for making your own investment decisions.

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