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Stock Market Highlights: Sensex falls for second straight day; IT, Pharma stocks drag


Stock Market Highlights: Sensex falls for second straight day; IT, Pharma stocks drag
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Both Nifty and Sensex closed in red with minor loss.

The indices opened with a gap up but witnessed profit booking at higher levels and closed the day on a negative note. The IT and Pharma stocks dragged the index down.

At close, the Sensex was down 81 points or 0.17 per cent at 48,093.32 and Nifty was down 9 points or 0.1 per cent at 14,137.35.

On Nifty 50 index, Tata Steel (5.70 per cent), Hindalco (5.35 per cent), Bharti Airtel (3.80 per cent) and Adani Ports (3.43 per cent) were the top gainers for the day, while Nestle (-2.10 per cent) HDFC Life (-2.05 per cent), HUL (-2.00 per cent) and Divis Labs (-1.98 per cent) were the top losers for the day.

On the sectoral front, Nifty IT and Nifty Pharma ended -0.66 per cent and - 0.44 weak, while Nifty Metal and Nifty Bank ended 3.82 per cent and 0.50 per cent strong.  The other indices ended almost flat with minor gain or loss.

Author’s View: Going forward 14,000 – 14,050 will act as a strong support for Nifty and on the upside 14,200 level act as resistance. The direction of the market will be decided on after Nifty breaks the above-mentioned support or resistance.

Disclaimer:  The view/s expressed above are only for educational/awareness purpose. Mumbailive.com 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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