Stock Market Highlights: Sensex slumps 440 points, Nifty settles below 15,000

Stock Market Highlights: Sensex slumps 440 points, Nifty settles below 15,000

The benchmark indices ended in red for the second consecutive day. The Sensex was down close to 500 points and Nifty could not hold 15,000 level. Metal, Banking & IT stocks dragged the index down.

At close, the Sensex was down 441 points or 0.87 per cent at 50,405 and the Nifty was down 143 points or 0.95 per cent at 14,938.About 1083 shares advanced while 1904 shares declined.

On the Nifty 50 index, ONGC (2 per cent), GAIL (1.87 per cent), Maruti Suzuki (1.65 per cent), Kotak Mahindra (1.31 per cent) and Hero Motocorp (1.22 per cent) were the top gainers for the day, while Indusind Bank (-4.77 per cent), Tata Motors (-4.14 per cent), Wipro (-4.09 per cent), UPL (-3.88 per cent) and Hindalco (-3.32 per cent) were the top losers for the day.

On the sectoral front, all the Nifty sectoral indices were painted red amid across the board sell off. The Nifty PSU Index was down 4 per cent, followed by Metal Index which was down 2.70 per cent. The other indices like FMCG, Bank, IT, Auto and Financial services lost 0.5 per cent to 1.7 per cent.

The BSE Midcap and Smallcap indices lost 1.89 per cent and 1.50 per cent respectively.

Author’s View: Nifty broke and closed below its support at 15,000. The next bearish target on Nifty can be 14,750 if it breaks down below 14,870. The next important support is placed at 14,870 – 14,900.

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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