The stock markets closed lower on first day of trading in the new week. Sensex was down 503.25 points or 0.86% at 58,283.42. The Nifty was down 143.00 points or 0.82 percent at 17,368.30. About 1,840 shares have advanced, 1554 shares declined, and 158 shares are unchanged.
Among top Nifty losers were Bajaj Finance, Bajaj Finserv, Tata Consumer Products, Reliance Industries and M&M. Tech Mahindra, Axis Bank, Maruti Suzuki, Wipro and SBI Life Insurance were major gainers.
Deepak Jasani, Head-Retail HDFC Securities said, Nifty ended sharply lower on December 13 despite positive global cues. Nifty opened gap up in line with other Asian markets and made an intra day high at 09: 55 hours. It later sold off and ended almost near the intra day low. At close, Nifty was down 0.82 percent or 143 points at 17368. In the process, Indian markets were the worst performing markets in the Asian region.
On a day when the volumes on the NSE were higher than recent average, Realty, Oil and Gas, Telecom and FMCG indices lost the most while Consumer Durables index barely managed to end in the green. BSE Smallcap index ended 0.24 percent higher while Midcap index ended 0.53 percent lower.
Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities Ltd, "Markets witnessed a gap-up opening but gave away all its gains as the trading progressed due to profit-taking.
Over the next few days investors would keenly watch the outcome of the US Fed meeting over interest rate decision. The Nifty failed to sustain above the 17600 resistance level and has formed a long bearish candle which is broadly negative.
The short term texture of the market is volatile and strong possibility of a quick pullback rally is not ruled out, if the Nifty succeeds to trade above 17300. For day traders, 17300 and 17275 would be the key support levels, and above the same we could expect a quick intraday relief rally up to 17475-17525 levels. On the flip side, below 17275, a correction wave is likely to continue up to 17200."
(To receive our E-paper on whatsapp daily, please click here. We permit sharing of the paper's PDF on WhatsApp and other social media platforms.)