SENSEX FALLS OVER 600 POINTS
Taking a breather after a record-breaking rally, the 30-share BSE Sensex declined by 616.75 points or 0.83 per cent to settle at 73,502.64 due to profit taking. During the day, the barometer tanked 685.48 points to 73,433.91. The broader Nifty slumped by 160.90 points or 0.72 per cent to close at 22,332.65. "In the short term, Nifty could experience weakness, possibly leading to a decline toward the range of 22,200-22,250.
Looking at the upside, immediate resistance is identified at 22,400 based on closing prices," Rupak De, Senior Technical Analyst at LKP Securities, said. Among Sensex firms, Power Grid and Tata Steel fell more than2%.HDFC Bank, State Bank of India, IndusInd Bank, Hindustan Unilever and NTPC were among the major laggards. Nestle, Bajaj Finserv and Bajaj Finance were among the gainers.
"Continued sell-off in global markets due to uncertainty over rate cuts impacted the domestic market sentiment, which is currently tan overbought level. The stronger-than expected US non-farm pay roll data and caution
ahead of the release of
US inflation data tomorrow kept
investors on the edge," said Vinod
Nair, Head of Research, Geojit Financial Services.
"The broader market continued
its underperformance due to valuation concerns, while investor sarere balancing their portfolios to include safe haven assets
like gold," he added.
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