Sensex, Nifty Close At Over Two-Week Low As Risk Aversion Surges: Market Wrap
The Nifty closed 1.07, lower at 22,277.85, and the Sensex fell 1.14, to end at 73,399.78.
India's benchmark equity indices fell for the second straight session to their lowest close in April as investors sold riskier assets due to uncertainty over the Middle East and caution over quarterly earnings.
The Nifty closed 241.55 points, or 1.07%, lower at 22,277.85, and the Sensex fell 845.12 points, or 1.14%, to end at 73,399.78.
"Short-term sentiment appears bearish, although a significant decline isn't anticipated at present," said Rupak De, senior technical analyst at LKP Securities. "Instead, the index (Nifty) is likely to fluctuate between 22,200 and 22,400. Sellers are expected to persist as long as the index remains below the 22,400 mark."
Shares of HDFC Bank Ltd., ICICI Bank Ltd., Larsen & Toubro Ltd., Infosys Ltd., and Tata Consultancy Services Ltd weighed on the Nifty.
Meanwhile, those of Oil & Natural Gas Corp Ltd., Hindalco Industries Ltd., Maruti Suzuki Ltd., Bharti Airtel Ltd., and Nestle India Ltd. cushioned the fall.
All NSE sectors ended lower except Nifty Oil & Gas.
Broader markets were trading lower on the BSE. The S&P BSE Midcap index settled 1.50% lower, and the S&P BSE Smallcap index ended 1.54% down.
On BSE, 18 sectors declined and two advanced out of 20. S&P BSE Services declined the most, and S&P BSE Oil and Gas emerged as the top performer.
Market breadth was skewed in favour of the sellers. Around 2,984 stocks declined, 917 stocks rose, and 148 stocks remained unchanged on the BSE.
