Market Fails To Hold On To Intra-day Recovery, Nifty Below 19,500

Sensex and Nifty failed to hold on to the recoveries made during the day, ending with cuts of 0.4% each. Nifty closes below the crucial 19,550 mark, while Sensex slips below 65,400. BSE Sensex gives up 232 points to end at 65,397 and Nifty slides 82 points to 19,542, The broader market remains under pressure with the Midcap index shedding 454 points to close at 39,878, and Nifty Bank stages a modest decline of 31 points to close at 43,723.

IndusInd Bank, HDFC Bank and Kotak Mahindra Bank remain major support for Nifty today, while Hindustan Unilever and ITC drag following a mixed set of second-quarter earnings. Laurus Labs reports earnings below street expectations, but stock climbs nearly 2% on a sequential recovery. United Breweries reports healthy volume growth in its July-September quarter earnings, stock rises more than 3%.

Indraprastha Gas sheds 12% in today's trade on Delhi's electric vehicle policy, followed by Mahanagar Gas falling 8%. Mphasis, Tata Communications, Havells record declines of up to 5% following their September quarter earnings. OMCs and airline stocks slide following a surge in international crude prices. MCX snaps its three-day losing streak to rise as much as 6% as trade continues on the new tech platform.

Sensex and Nifty reverse gains of the previous two weeks to end with losses of 1% each for this week, Nifty Bank slides more than 1% and Midcap Index stages a weekly decline of 2%. Except Nifty Auto, all sectoral indices post losses for the week with Realty stocks gaining the most. Out of the 50 Nifty stocks 33 companies repost weekly declines with Divi's Laboratories, Wipro and Bajaj Finance falling the most and Bajaj Auto, LTIMindtree and Hero MotoCorp Rising the most.

Midcap Index underperformance keeps market breadth in favour of declines, advance-decline ratio at 1:2.