Markets snap 2-day winning streak on weekly F&O expiry; Sensex below 61k

Market


Indian markets halted their two-day winning streak on Thursday, the day of the weekly F&O expiry. The broad-based selloff was recorded across indices with consumer durables, FMCG, and media stocks taking the most beating. Sensex erased its psychological mark of 61,000, while Nifty 50 managed to float over 18,100 levels. Also, weak global cues dampened sentiments in domestic equities. Meanwhile, the rupee was also under pressure against the US dollar alongside its Asian counterparts.

Sensex dipped by 187.31 points or 0.31% to end at 60,858.43. Nifty 50 plunged by 57.50 points or 0.32% to close at 18,107.85. During the trading session, the benchmark Sensex and Nifty 50 had touched an intraday low of 60,716.55 and 18,063.75 respectively.

Ajit Mishra, VP – of Technical Research, at Religare Broking, said, “Markets traded dull on the weekly expiry day and ended marginally lower. Weak global cues were weighing on the sentiment from the beginning however continued buying in select heavyweights from banking, energy, and capital goods space capped the decline. Meanwhile, the broader indices remained muted and ended flat to marginally in the red.”

In terms of sectoral indices, on BSE, Consumer Durables and FMCG indexes tumbled by over 0.8% each. Meanwhile, the Nifty Media index shed over 1%. Auto and banking stocks too witnessed substantial downside. On the other hand, metal and oil & gas stocks extended their gaining spree.

Major Q3 earnings such as IndusInd Bank, Hindustan Unilever, AU Small Finance Bank, PVR, and Asian Paints among others also weighed on the performance.

Stocks like Tata Steel, Power Grid, Axis Bank, and Tech Mahindra were top gainers. While Asian Paint, IndusInd Bank, Tata Motors, Kotak Bank, Titan, HUL, and Ultratech Cement were top bears with downside ranging from 1-3%.


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