Sensex reels under pressure; Nifty holds 8200 mark Analysis for Oct 21, 2015

Posted By: Religare
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The key domestic benchmark indices continued to hover in negative terrain during the late noon trading session, tracking weak cues from Asian peers coupled with a subdued opening of European stocks.

At 14:15 hours, the 30-share barometer, Sensex was trading at 27213.42 down by 93.41 points or by 0.34 per cent, while the NSE Nifty was at 8240.25 down by 21.4 points or by 0.26 per cent.

Sentiments of investors took U-turn after the slump in China market soured the risk taking appetite of traders.Depreciation in Indian rupee too weighed down sentiments. The Indian rupee was trading lower at 65.19 against the US dollar on dollar demand from importers while weakness in domestic equities also dampened sentiment.

In the range-bound trade so far, Sensex touched an intraday high of 27445.24 and an intraday low of 27190.55, while the NSE Nifty touched an intraday high of 8294.4 and an intraday low of 8217.15.

Major show spoilers on the D-street included Dr. Reddy's Laboratories Ltd. (Rs. 4182.25,-3.08%), GAIL (India) Ltd. (Rs. 317.85,-2.53%), State Bank of India (Rs. 249.30,-2.02%), ICICI Bank Ltd. (Rs. 280.70,-1.90%), Sun Pharmaceutical Industries Ltd. (Rs. 887.10,-1.62%), among others.

However, some buying interest was witnessed in stocks including Bajaj Auto Ltd. (Rs. 2512.00,+3.02%), Bharti Airtel Ltd. (Rs. 370.40,+2.41%), NTPC Ltd. (Rs. 129.80,+1.56%), Tata Steel Ltd. (Rs. 244.50,+1.54%), Vedanta Ltd. (Rs. 102.70,+1.43%), among others.

Among the sectors, realty and consumer goods indices were on seller"s radar, trading down by 1.8 per cent and 1.13 per cent respectively.

The Market breadth, indicating the overall strength of the market, was weak. On BSE out of total 2817 shares traded, 1197 shares advanced, 1446 shares declined while 174 remained unchanged.

On the global front, Asian markets ended the day on a mixed note as investors remained worried over China"s economy which grew at 6.9 per cent in Q3, the weakest pace since the first quarter of 2009. Meanwhile, European counters were also trading mixed with CAC and FTSE trading in red, while DAX managed to float in green.

Story first published: Wednesday, October 21, 2015, 14:48 [IST]
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