Dalal Street Loses Early Gains To Close in Red

The Indian equity markets saw off its early gains slip away and closed in red in the afternoon trade, mainly dragged by Financial and Bank stocks. At close, the BSE Sensex was down 66.23 points at 52,586.84, and Nifty ended 15.50 points lower at 15,763.

The index is getting nervous at higher levels and today was no different. Every time it goes closer to the 15900 level, it is facing bouts of selling pressures as a result of which it takes a U-turn and collapses, said experts.

Shares of Bajaj Finance, SBI, and Bajaj Finserv plunged more than two per cent in the intraday session on Friday, July 30. However, on the flipside Sun Pharma and Tech Mahindra jumped over 10 per cent each.

Among the sectors, Metals, Financials and Energy stocks declined, while Pharma, IT and Auto stocks witnessed buying interest throughout the day. The Pharma index jumped more than three per cent led by gains in Cipla(+4.18 per cent), Alkem Lab(+3.66 per cent), and Cadila Health(+2.47 per cent).

The broader markets however didn't take cues from benchmark indices as they closed positive in the day's trade. Shares of Privi Special gained 20 per cent, while Indian Metals, HIL, and Mahindra Logistics gained 11-12 per cent each.

In the overall market breadth, 1808 shares advanced, 1352 shares declined, and 126 shares were unchanged.