The headline indices Sensex and Nifty extended losses for the sixth straight session on Monday, dragged down by losses in index heavyweights ITC, TCS, L&T, HDFC twins and Infosys amid weak global cues.
The headline indices Sensex and Nifty extended losses for the sixth straight session on Monday, dragged down by losses in index heavyweights ITC, TCS, L&T, HDFC twins and Infosys amid weak global cues. The 30-share Sensex closed 141.33 points, or 0.38% down at 37,531.98. Intra-day the Sensex touched a low of 37,480.53 and a high of 37,919.47. The broader NSE Nifty ended the session 48.35 points lower at 11,146.50. ONGC, ITC, Tata Steel, M&M, Tata Motors, L&T, TCS, Sun Pharma, NTPC, IndusInd Bank and Tech Mahindra, were among the biggest losers, closing up to 2.97% lower. Yes Bank’s share price soared after media reports that marquee PE investors are eyeing stake in the bank. Yes Bank shares gained more than 9% to hit the day’s high at Rs 45.95 on BSE. Yes Bank is in talks with three top technology companies, including Microsoft Corp, to induct one of them as a strategic shareholder as part of the bank’s strategy to get fresh capital infusion and augment its digital ambitions, Livemint reported citing sources.
Yes Bank aside, Axis Bank, Bajaj Auto, Bharti Airtel, ICICI Bank, Hero MotoCorp and Bajaj Finance were the top Sensex gainers, ending the session up to 2.53% higher. Taking stock of the volatile session, Ajit Mishra Vice President, Research, Religare Broking said that mixed global cues led a flat start but lack of follow-up buying capped upside. “Going ahead, we may see some bounce due to oversold positions in the index but the bias would remain on the negative side. We reiterate our cautious view and suggest preferring hedged trades. In the absence of any major event, earnings and global cues will dictate the market trend in days to come,” he added.
According to Shrikant S. Chouhan, Senior Vice-President, Equity Technical Research, Kotak Securities, by pushing Nifty below the level of 11,140, bears have disturbed the bullish momentum. “Based on the same, Nifty is heading for the levels of minimum 11050 and maximum could be 10850. On the higher side 11240 would be hurdle for the index,” he noted. meanwhile, the domestic currency rupee depreciated by 18 paise to 71.07 against the US dollar.