Sensex snaps 3-day winning run, slips 17 pts; Realty index sheds 2%, IT 1%

Investors looked to lock in gains after the recent rally but most dips were bought into, which left indices unchanged at close.

The bulls and bears were caught in a fierce battle on Dalal Street, resulting in a volatile trade. Investors looked to lock in gains after recent rally and a subdued global market mood but most dips were bought into, which left indices unchanged at close. 

The BSE Sensex lost only 17 points to end at 58,280. Meanwhile, NSE Nifty closed at 17,356, down 21 points. Both indices snapped their three-day winning streaks but did manage to hit new highs in intra-day deals (Sensex at 58,553 and Nifty at 17,437).

In the 30-pack Sensex, 12 stocks ended in the green and 18 in the red. Bharti Airtel, HDFC, IndusInd Bank and ITC, up between 1-3 per cent, were the top gainers. Tech Mahindra, Sun Pharma, Axis Bank and HCL Tech on the other hand were the worst losers. 

Broader markets underperformed the benchmark Sensex. The BSE Midcap index lost 0.23 per cent and BSE Smallcap 0.42 per cent, snapping their 10 day bull run. 

Sectorally, only Nifty FMCG, Media and Financial Services sectors gained. Nifty Realty was the worst performing index, down 2.33 per cent. Nifty PSU Bank and IT lost over 1 per cent each. Volatility index or India VIX also eased 1 per cent to 14.9.

4:30 PM

TECH VIEW :: Nagaraj Shetti, Technical Research Analyst, HDFC Securities

After the formation of range bound action on Monday, Nifty shifted into a consolidation with weak bias on Tuesday and closed the day lower by 15 points. After opening on a positive note, the market showed intraday decline in the early to mid part of the session. A sharp intraday upside bounce has occurred from the lows in the mid part, but the market has failed to sustain the intraday gains and slipped into minor weakness again in the later part of the session. A new all time high was registered at 17436 levels.

 

Conclusion: The market seems to have shifted into a consolidation mode with range bound action. The present choppy movement with minor weakness could continue for the next 1 or 2 sessions before showing another round of upside bounce from the lows. Immediate support is placed at 17250 and the crucial overhead resistance to be watched around 17500 levels.

 

4:28 PM

CLOSING COMMENTS :: Vinod Nair, Head of Research at Geojit Financial Services

The domestic market traded with high volatility as investors locked in gains from the recent rally & global factors. However, the broad market maintained its buoyancy in segments, which are bound to benefit from unlocking. European shares traded with cuts ahead of the European Central Bank’s policy meeting on Thursday, where talks regarding the tapering of asset purchase program are likely to take place in the backdrop of rising eurozone inflation. 

4:26 PM

ITC was among top index gainers today; CLSA sees the stock at Rs 265 levels in a year

>> CLSA believes ITC’s FMCG business is on path for a profitable scale-up 

 

>> The brokerage expects ITC's FMCG business to deliver around 31 per cent CAGR in EBITDA over FY20-24 

 

>> The EBITDA growth is likely to be on the back of industry tailwinds, margin levers and improving asset utilisation

4:20 PM

Dish TV surges 12% even as YES Bank looks to remove 4 directors from board

4:02 PM

Telecom stocks rise amid hopes of relief for the sector

3:52 PM

Broader markets end mostly in red; Nifty Smallcap 100 ends 0.1% lower

3:45 PM

SECTOR WATCH :: Nifty FMCG best sectoral performer; Realty and IT decline

3:41 PM

Sensex Heatmap | Top gainers & losers at close

>> Top gainers: Bharti Airtel, HDFC, IndusInd Bank, ITC

 

>> Top losers: Tech Mahindra, Sun Pharmaceuticals, Axis Bank

3:38 PM

CLOSING BELL :: Benchmark indices end largely flat on volatile trading day

The domestic benchmark indices ended largely flat in a volatile trading day. The 30-pack Sensex closed the day at 58,279, down 17.4 points and the NSE Nifty settled 15.7 points or 0.1% lower at 17,362. Among sectoral indices, only Nifty FMCG, Financial Services and Media ended in the green. On the other hand, Realty and IT were the worst hit sectors.

3:31 PM

NEWS ALERT :: RVNL, NHAI sign MoU for construction of Multi-Modal Logistics Park

Rail Vikas Nigam Limited (RVNL) has entered into a MoU with NHAI represented by National Highways Logistics Management Limited (NHLML), in connection with Construction of Multi Modal Logistics Parks across PAN India under Bharatmala Pariyojana. 
 

3:22 PM

Here's why CLSA is bullish on ITC; sees the stock Rs 265 levels in a year

The elephant may just have been prepping for a dance. ITC, the fast moving consumer goods (FMCG) stock that has relatively been comatose at a time when its peers and the overall markets delivered a healthy return, may be on the verge of changing the shape of its business, suggests a recent note by CLSA.  READ MORE

3:07 PM

HDFC hits 7-month high on realty boom, inches towards record high

Shares of Housing Development Finance Corporation Limited (HDFC) hit a seven-month high of Rs 2,852, up 3 per cent on the BSE in the intra-day trade on Tuesday, on anticipation of pick up in business growth. The upcoming festive season is expected to see a growth in real estate sales, analysts say.  READ MORE

 

2:58 PM

NEWS ALERT :: Thomas Cook India and SOTC introduce ‘Bike Trips’

Thomas Cook India and its Group Company SOTC, have introduced Bike Trips. The exciting 5-12 nights trips traverse rugged yet scenic terrains of Manali, Leh, Srinagar, Siliguri, Gangtok, Jaipur, Jodhpur, Jaisalmer, Udaipur, Bengaluru, Madikeri, Ooty, Sethumadai, Kodaikanal, Rameshwaram, Yercaud etc. with pricing starting from Rs 24,990 per person.
 

 

2:55 PM

Up, up, and away! IRCTC zooms 9%

2:46 PM

ALERT :: Profit-booking drags Sensex yet again