Sensex ends 167 points lower, Nifty gives up 11,000; key reasons

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Published: September 12, 2019 5:28:43 PM

The benchmark equity indices -- Sensex and Nifty -- end the intraday trade on a negative note ahead of the retail inflation number for August.

Yes Bank, Tata Motors, Maruti, Axis Bank, Bharti Airtel, RIL, NTPC, Bajaj Auto, Asian Paints, ITC, Kotak Bank, Bajaj Finance and TCS, were the major losers on the Sensex pack.

The benchmark equity indices — Sensex and Nifty — end the intraday trade on a negative note ahead of the retail inflation number for August. The 30-share index settled 166.54 points, or 0.45 per cent, lower at 37,104.28 after swinging 386 points during the day. It hit an intraday high of 37,435.15 and a low of 37,048.67. Similarly, NSE Nifty closed the day down 52.90 points, or 0.48 per cent, to close at 10,982.80. “Markets will react to the macroeconomic data in early trade on Friday. We reiterate our positive yet cautious view on markets and suggest focusing on stock selection. Also, keeping a close watch on global markets for cues,” Ajit Mishra Vice President, Research, Religare Broking said.

Yes Bank, Tata Motors, Maruti, Axis Bank, Bharti Airtel, RIL, NTPC, Bajaj Auto, Asian Paints, ITC, Kotak Bank, Bajaj Finance and TCS, were the major losers on the Sensex pack.  ICICI Bank, Sun Pharma, IndusInd Bank, HDFC twins, SBI, Tech Mahindra and ONGC were the major gainers in the trade today.

Also read: Gold prices fall Rs 74 on stronger rupee

“The index has formed a probable inverse Head & Shoulder pattern and has its neckline at 11,150 levels. There will be support around the 10,850-10,800 levels which is likely to act as a cushion on the lower side in case of a decline. Nifty has been witnessing consolidation since past few sessions but market breadth continues to remain on the positive side,” Manav Chopra, CMT, Head Research – Equity, Indiabulls Ventures said. The index is expected to test 11,300-11,500 zone on the upside and we continue to remain bullish on the indices, he added.Meanwhile, 7.26 per cent 2029 bond ended the trade up 12 paise at Rs 104.09 and the yield stood at 6.65 per cent.

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