RIL, HDFC Bank push Sensex off 5-month high; these factors dragging markets down today

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August 12, 2020 10:05 AM

Index heavyweights such as HDFC Bank, Kotak Mahindra Bank, Reliance Industries (RIL), Infosys and L&T contributed the most to the indices' losses

sensex, niftyThe trend among the sectoral indices was largely negative. Nifty Pharma and Nifty Metal were top sectoral losers

Snapping the gaining streak, BSE Sensex and Nifty 50 slipped half a per cent down on Wednesday, climbing off the 5-month peak. Sensex was down 140 points or 0.37 per cent to trade at 38,264, while the broader Nifty 50 index fell 45 points or 0.40 per cent to rule at 11,277. Index heavyweights such as HDFC Bank, Kotak Mahindra Bank, Reliance Industries (RIL), Infosys and L&T contributed the most to the indices’ losses. Indian share market mirrored the negative global cues in today’s session, weighed down by metal and financial stocks.

Top BSE Sensex gainers and losers: Kotak Mahindra Bank shares fell the most, down 1.54 per cent, followed by Bajaj Finance, Sun Pharma, HDFC Bank, LT and Bajaj Finserv. On the contrary, State Bank of India (SBI), M&M, Asian Paint, Bharti Airtel, Titan Company were among the top index gainers.

Nifty Pharma index top loser: The trend among the sectoral indices was largely negative. Nifty Pharma and Nifty Metal were top sectoral losers, down 1.91 per cent and 1.10 per cent. On the other hand, Nifty PSU Bank index jumped over 3.5 per cent in the trade today.

FII and DII data: On Tuesday, foreign institutional investors (FIIs) bought shares worth Rs 1,013.66 crore while domestic institutional investors (DIIs) sold shares worth Rs 1,415.54 crore on a net basis, according to the provisional data available on the NSE.​

Q1 results today: Ashok Leyland, Tata Power, Aurobindo Pharma, Bharat Forge, Century Plyboards, Cummins India, Graphite India, GSFC, Gulf Oil Lubricants, Natco Pharma, NCC, Sundram Fasteners, Transport Corporation of India, are among 137 companies that are scheduled to announce their quarterly earnings today.

Global markets: Asian peers were seen trading lower on Wednesday. Hong Kong’s Hang Seng index dropped 0.21% while South Korea’s Kospi was down 0.14%. In overnight trade on Wall Street, the S&P 500 and Dow snapped seven-day gaining streak over uncertainty in the US fiscal stimulus measures. The Dow Jones Industrial Average fell 0.38%, the S&P 500 lost 0.80%, and the Nasdaq Composite dropped 1.69%.

What do charts suggest: “We are still trading above 11250 which is a good intraday support for the market. If we break this level upon closing, we could test 11150. On the upside we could continue being bullish for a target of 11450-11500,” said Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments.

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