The Benchmark Indices Ended In Red, Financial Stocks Dragged

The market broke its four days winning with Nifty ending below 14,650, Sensex fell 983 points. Pharma stocks gained.

At close, the Sensex was down 983.58 points or 1.98 per cent at 48,782.36 and the Nifty was down 263.80 points or 1.77 per cent at 14,631.10. About 1332 shares have advanced, 1554 shares declined and 166 shares are unchanged.

On the Nifty 50 index, ONGC (3.94 per cent), Coal India (3.90 per cent), Divis Labs (3.87 per cent), Grasim (3.78 per cent) and IOC (2.19 per cent) were the top gainers for the day, while HDFC (-4.68 per cent), HDFC Bank (-4.09 per cent), ICICI Bank (-3.37 per cent), Kotak Mahindra (-3.11 per cent) and Asian Paints (-2.95 per cent) were the top losers for the day.

On the sectoral front, except Nifty Pharma (1.28 per cent) all other sectoral indices ended in red. Nifty Bank (-2.77 per cent) and Nifty Auto (-1.36 per cent) were the top losers for the day and dragged the Nifty down.

The BSE Midcap and Smallcap indices lost -0.65 per cent and -0.07 per cent respectively.

Author’s View: The expected levels of the market are likely to be in the range of 14,500 and 14,900 and it’s going to be crucial for the short-term market scenario to sustain above 14,500 level. RSI and MACD support an oversold condition and indicate potential sideways correction in the short term.

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