Samvat 2077 ends with gains: Markets slip ahead of Fed policy meeting outcome

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November 04, 2021 4:00 AM

Markets will have a special one-hour Muhurat trading session on Thursday to mark the beginning of Samvat 2078.

Shares of SBI hit a fresh 52-week high of Rs 542.30 on strong Q2FY22 performance. The lender witnessed a massive 67% Y-o-Y growth in its net profit at Rs 7,627 crore.Shares of SBI hit a fresh 52-week high of Rs 542.30 on strong Q2FY22 performance. The lender witnessed a massive 67% Y-o-Y growth in its net profit at Rs 7,627 crore.

The Sensex and Nifty took cues from other major global markets on Wednesday and ended in the red. The possibility of the Federal Reserve tapering of its asset purchases has dampened market sentiments across the globe, while stretched valuations of counters continued to worry investors.

“Benchmark indices witnessed profit booking because of weak global market cues and stretched valuations,” said Shrikant Chouhan, head of equity research (retail), Kotak Securities. The Sensex slipped 257.14 points at 59,771.92, and the Nifty ended the session 59.75 points lower at 17,829.20. The Bank Nifty witnessed heavy selling pressure, resulting in a decline of 1.3% to close at 39,402.05.

The Sensex saw 17 out of 30 constituents end the day in losses, mainly due to profit booking. Sun Pharma was the top loser, down 3.27%, followed by IndusInd Bank, Kotak Mahindra Bank, Bharti Airtel, and ICICI Bank. On the flip side, Larsen & Toubro jumped nearly 4% in the intra-day session.

Shares of SBI hit a fresh 52-week high of Rs 542.30 on strong Q2FY22 performance. The lender witnessed a massive 67% Y-o-Y growth in its net profit at Rs 7,627 crore.

Sector-wise, barring metals, realty and energy, all other sectors ended lower. The automobile and private banking counters were the worst on Wednesday, down more than 1% each. However, the Nifty Realty index surged close to 2% in an otherwise volatile session, led by shares of Sobha, Oberoi Realty and Godrej Properties.

Overall, the advance-decline ratio turned negative as nearly 1,657 shares declined while 1,585 shares advanced on the BSE. Moving forward, 17,600-17,700 will act as a crucial support for the Nifty in the upcoming sessions, experts believe.

“Nifty did not recover after the fall seen on the previous day and the advance-decline ratio declined. Resistance for the Nifty remains 18012 while 17613-17697 is the crucial support band,” said Deepak Jasani, head of retail research, HDFC Securities.

The domestic markets closed the Hindu calendar year, Samvat 2077, with stellar gains. The Sensex rallied 16,133.94 points or 36.97%, while the Nifty soared 5,048.95 points or 39.50%.

Markets will have a special one-hour Muhurat trading session on Thursday to mark the beginning of Samvat 2078.

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