Indian Stocks Fall Marginally Along With Asian Peers, IT Leads Downfall
The 30-share BSE benchmark Sensex declined 48 points or 0.07 per cent to settle at 65,970. The broader NSE Nifty dropped 43.75 points or 0.22 per cent to end at 19,825.
From the Sensex pack, TCS, HCL Tech and Wipro were the top laggards, falling 1-1.5 per cent. Tata Motors, Tech Mahindra, Nestle, and Infosys also ended in the red. On the flip side, Axis Bank, ICICI Bank, HDFC Bank, JSW Steel, M&M and Kotak Bank closed in the green.
Among individual stocks, Life Insurance Corporation of India ended 9.7 per cent higher as the company plans to launch 3-4 new products over the coming months to push the growth of its new business premium (NBP).
Paytm shares closed over 3 per cent lower amid reports that 1.57 crore shares worth Rs 1,441 crore changed hands in a block deal at an average of Rs 884 per share.
Sectorally, Nifty IT declined 0.97 per cent and Nifty FMCG fell 0.47 per cent. On the other hand, Nifty Bank, Financial Service, Metal, Pharma and Realty ended higher. In the broader market, Nifty Midcap100 gained 0.06 per cent, while Smallcap100 surged 0.30 per cent.
The market breadth was skewed in favour of the bears. About 1,948 stocks declined, 1,752 gained, and 114 remained unchanged on the BSE.
FII and FPIs, on Friday, saw a net purchase of Rs 2,626.21 crore in the cash segment. A total of Rs 6,208.06 crore was sold against a total purchase of Rs 8,833.27 crore. Domestic institutional investors saw a net purchase of Rs 134.46 crore in the cash segment. A total of Rs 5,956.13 crore was sold against a total purchase of Rs 6,090.59 crore.
Meanwhile, The outlook remains positive for Indian equities, Attributing the rise in domestic equities to sustained retail inflows, bets of US rates peaking and robust domestic macroeconomic conditions.
Technically, the important key resistances placed in October Nifty future are at 19,825 levels, which could offer the market on the higher side. Sustainability above this zone would signal opens the door for a directional upmove with immediate resistances seen at 19,880 – 20,008 levels. Immediate support is placed at 19,676 – 19,606 levels.
