Closing Bell: Indices end lower; Sensex falls 246 points at 62379, Nifty at around 18550
Asian Paints, BPCL, HUL, Larsen and Toubro, and Axis Bank were among the gainers on Nifty
Representative Image
Today, the benchmark indices ended lower with the Nifty closing at around 18551.
The Sensex was down 246.96 points or 0.39% at 62379.40, and the Nifty was down 91.00 points or 0.49% at 18551.75.
About 1,464 shares advanced, 1,928 shares declined, and 140 shares were unchanged.
Asian Paints, BPCL, HUL, Larsen and Toubro and Axis Bank were among the gainers on Nifty while the major losers were NTPC, Bajaj Finserv, Tata Motors, SBI Life Insurance and IndusInd Bank.
BSE midcap and smallcap indices fell 0.4% each.
Power, metal and realty indices each down by 1%.
“Markets extended losses for the 4th straight session as investors dumped realty and automobile stocks on worries that higher EMI outgo post the RBI's repo rate hike could dent demand going ahead,” Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities, said.
Although the rate hike came on expected lines, the RBI showing no sign of slowing its fight against inflation and that raised concerns that more hikes could be in the offing going ahead which would hurt growth.
“Technically, on intraday charts the Nifty is still holding a lower top formation and also formed a small bearish candle on daily charts which is broadly negative. For traders, as long as the index is trading below 18650 the correction wave is likely to continue. Below the same, the index could slip till 18500-18425. On the other hand, above 18650 the index could move up to 18750-18800.” he said.
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