Nifty & Sensex Closed A Percent Lower Backed By Weak Global Cues

Sensex and Nifty fell over a percent backed by weak global cues on July 19.

At close, Sensex was down was down 587 points or 1.10 per cent at 52,553.40, while the Nifty lost 171 points or 1.07 per cent at 15,752.40.

About 1882 shares advanced, 1705 shares declined and 192 shares remain unchanged.

On the Nifty 50 index, NTPC (1.93 per cent), BPCL (1.32 per cent), Divis Labs (1.05 per cent), Nestle (0.56 per cent) and Tata Consumer Products (0.33 per cent) were the top gainers for the day, while HDFC Bank (-3.37 per cent), HDFC Life (-2.77 per cent), IndusInd Bank (-2.72 per cent), HDFC (-2.18 per cent) and Hindalco (-2.11 per cent) were the top losers for the day.

On the sectoral front, other than Nifty Pharma and Nifty Realty all the other sectoral indices ended in red. Nifty Private Bank, Bank and Financial Services fell up to 2 per cent.

Midcaps and Smallcaps fared relatively better than their larger than peers as the BSE Midcap index closed 0.58 per cent lower while the smallcap index fell 0.31 per cent.

Author’s View: The market witnessed correction after it failed to hold an important support level of 15,800. This level will be important support from a short – term perspective. Sustaining above 15,620 – 15,650 the market is expected to bounce back, and trade in the range of 15,650 – 15,900.

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