Indian markets ended near day’s lows Tuesday as traders turned bearish with the negative opening of European markets. Second rung stocks OUtperformed the benchmarks also pared gains and ended on a weak note. Equities opened subdued in line with other Asian peers and remain rangebound with negative bias. Lack of triggers and a weak European opening pulled the indices lower to psychological support levels.
Bombay Stock Exchange’s Sensex ended at 17464.56, down 176.52 points or 1 per cent. The index touched a low of 17463.78 and high of 17664.86.
National Stock Exchange’s Nifty closed at 5223.80, down 51.05 points or 0.97 per cent. The 50-share index touched an intra-day low of 5218.65 and high of 5287.80. “If Nifty sustains above 5290-5300 levels then it may move toward 5380-5400 levels. On the downside if it falls below 5230 levels then selling pressure may get intense. Medium term market trend looks positive till the time Nifty sustains above 5150 levels,” said Chandan Taparia, Derivatives & Technical Analyst, Anand Rathi. BSE Midcap Index was down 0.66 per cent and BSE Smallcap Index slipped 0.53 per cent. Amongst the sectoral indices, BSE Realty Index slipped 1.84 per cent, BSE IT Index fell 1.70 per cent and BSE Oil&gas Index declined 1.69 per cent. BSE Bankex gained 0.40 per cent and BSE PSU Index advanced 0.36 per cent. Hindalco Industries (-3.11%), ACC (-2.87%), Sun Pharma (-2.45%), Grasim Industries (-2.19%) and TCS (-2.16%) were amongst the top Sensex losers. BHEL (0.83%), SBI (0.77%) and HDFC Bank (0.42%) were the only top index gainers. Market breadth was negative on the BSE with 1129 gainers and 1816 losers. European markets were in the red and US stock futures were pointing towards a mixed opening after an extended weekend. At 4:50 pm IST, Dow Jones futures was down 0.11 per cent, S&P 500 slipped 0.11 per cent and Nasdaq 100 was up 0.08 per cent.
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