Stock Market Highlights: Sensex skids 536, Nifty at 13818

Market closed on a negative note with selling seen in IT, Auto and FMCG stocks. Nifty closed below 13,850 level while the Sensex lost 535 points.

At close, the Sensex was down 535.57 points or 1.13 per cent at 46,874.36 and the Nifty was down 150 points or 1.07 per cent at 13,817.50. About 1543 shares have advanced, 1285 shares declined and 161 shares remain unchanged.

On the Nifty 50 index Axis Bank (6.11 per cent), SBI (2.43 per cent), IOC (1.3 per cent) and Shree Cements (1.25 per cent) were the top gainers for the day, while HUL (-3.80 per cent), Maruti Suzuki (-3.59 per cent), Wipro (-3.26 per cent)  and HDFC Bank (-2.71 per cent) were the top losers for the day.

On the sectoral front, except Bank Nifty, other sectoral indices ended in red. BSE Midcap and Smallcap Indices shed 0.4 per cent each.

Author’s View: Nifty has formed a Doji candle, so we can expect some trend reversal in the short term. If the level of 13,800 is maintained we may see a swift pullback in Nifty towards 14,000 level.    

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