The benchmark indices tumbled on the bourses on November 11 (Thursday). Nifty 50 declined 0.80 percent and Sensex by 0.72 percent today. Good buying was seen in Metal (Nifty Metal: +0.36 percent) and Consumer Durables (Nifty Consumer Durables: +0.26 percents) stocks while some selling pressure was seen in Realty (Nifty Realty: -2.33 percent) and Pharma (Nifty Pharma: -1.39 percent) stocks.
The Sensex was down 433.13 points or 0.72 percent at 59,919.69. The broader Nifty was down 143.60 points or 0.80 percent at 17,873.60. About 1,398 shares have advanced, 1769 shares declined, and 139 shares are unchanged.
IOC, Tech Mahindra, SBI, ONGC and SBI Life Insurance were among the major Nifty losers, while gainers were Titan Company, Hindalco Industries JSW Steel, M&M and Reliance Industries.
Gaurav Udani, CEO & Founder, ThincRedBlu Securities, said, "After a few days of sideways movement Nifty made a bearish bar today. It closed at 17,880 , down by 135 points since yesterdays close. Nifty has support at 17,800 and 17,600 levels and resistance at 18,050 and 18,100 levels. Traders in long position need to be cautious and keep strict stoploss. Any daily closing below 17600 may initate a sharp bearish move in Nifty."
Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities Ltd, said, "Markets underwent profit-taking for the third straight session as benchmark Nifty comfortably broke the intraday support of 17,900, which is broadly negative. Technically, the index has formed a bearish candle and it is currently trading near 50 day sma following the sharp intra-day correction. The intraday texture of the market is weak but strong possibility of a pullback rally is not ruled out if it succeeds to trade above 50 day SMA or 17750. For day traders, 17,750-17,800 would be key support levels, and as long as the index is trading above the same, bullish sentiment will be intact. On the flip side, below 17,750, it could trigger short term weakness and we may see a quick intraday correction up to 17,700."
Deepak Jasani, Head of Retail Research, HDFC Securities, said, "Nifty closed lower for the third consecutive session on November 11. Nifty opened with a down-gap and continued to fall early in the session. It made an intra day low at 14:20 hours post which a small recovery ensued. At close Nifty was down 0.80 percent or 143.6 points to 17,873.6. On a day when the volumes on the NSE were below recent average, Consumer Durable index rose the most while realty, banks, telecom and healthcare indices fell the most. Smallcap and Midcap indices were down 0.54-0.64 percent."
Mohit Nigam, Head - PMS, Hem Securities said, "Petronet LNG, India's largest LNG importer, is in negotiation for the extension of the current deal for 7.5 MMTPA by the end of 2023. The contract is to be extended beyond 2028. The contract is expected to be at 10.2 percent of the Brent Crude instead of current 12.7 percent of the three month average. Titan (+1.69 percent) and Hindalco (+1.09 percent) were among the top gainers and SBIN (-2.77 percent) and ONGC (-2.57 percent) were among the top losers in Nifty 50 today. On the technical front 17,700 and 18,000 are near term support and resistance in Nifty 50 respectively."
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