Stocks Slide Down On Thursday; IndusInd Bank, Tata Motors Close Higher
The 30-share BSE benchmark Sensex declined 143 points or 0.22 per cent ending at 64,832. The broader NSE Nifty dropped 14.85 points or 0.08 per cent to settle at 19,476.
From the Sensex pack, HUL, Tech Mahindra, Infosys, Reliance Industries and Bajaj Finance ended in the red, while M&M, Power Grid, IndusInd Bank, and Tata Motors closed higher.
From the sectoral front, Nifty Realty advanced 1.2 per cent and Nifty Auto rose 0.8 per cent. On the other hand, Nifty Financial Services, FMCG, IT, Media, Metal and Oil & Gas closed in the red. In the broader market, Nifty Midcap100 gained 0.22 per cent, while Smallcap100 fell 0.24 per cent.
The market breadth was skewed in the favour of the bears. About 1,655 stocks gained, 2050 declined and 122 remained unchanged on the BSE.
FII and FPIs, on Thursday, saw a net sales of Rs 1,712.33 crore in the cash segment. A total of Rs 8,879.31 crore was sold against a total purchase of Rs 7,166.98 crore. Domestic institutional investors saw a net purchase of Rs 1,512.14 crore in the cash segment. A total of Rs 6,418.44 crore was sold against a total purchase of Rs 7,930.58 crore.
Meanwhile, Cues from the Fed Chair's speech have reduced the likelihood of a rate hike in the near term, leading to an ease in US treasury yields and calming the market. FIIs selling has moderated but inflows continue to be muted on concerns of an elevated interest rate and a global slowdown.
Technically, the important key resistances placed in October Nifty future are at 19,476 levels, which could offer for the market on the higher side. Sustainability above this zone would signal opens the door for a
directional up move with immediate resistances seen at 19,505 – 19,575 levels. Immediate support is placed at 19,373 – 19,303 levels.
