Nestle India to replace Indiabulls Housing Finance in Nifty50 with effect from September 27.
An evening walk down D-St: Sensex, Nifty end lower ahead of August F&O expiry; weak global cues weigh on sentiment
Domestic equities witnessed fresh spell of selling on August 28 as weak global sentiment kept investors away from riskier equities, a day ahead of the expiry of August series of futures and options contracts.
The Indian rupee ended at 71.77 against the US dollar, down by 29 paise compared to previous close of 71.48 a dollar.
"Despite reversal in surcharge, FPIs continued to be net sellers due to clouds over global trade discrepancies, risk of recession and fall in bond yields, which are having a ripple effect on the market. Consensus estimate a drop in domestic Q1FY20 GDP growth to 5.7 percent and weakening rupee impacted investor’s optimism on earnings outlook," Vinod Nair, Head of Research, Geojit Financial Services said.
"Nifty50 managed to hold above 11,000 levels after taking small dip making it as strong support for coming session followed by 11,940 zone and resistance for index is coming near 11,100-11,150 zone," Rohit Singre, Senior Technical Analyst at LKP Securities told Moneycontrol.
He said Nifty bank has given closing at 27,804 with loss of 322 points forming bearish candle on daily chart now support for Nifty bank is coming near 27,500-27,250 zone and resistance is coming near 28,000-28,250 levels."
Midcap and Smallcap Gainers and Losers
Of Sensex 30, 23 stocks ended lower including Yes Bank, Tata Steel, Vedanta, ONGC, Tata Motors, Maruti Suzuki, NTPC, M&M and Hero MotoCorp which corrected 2-7 percent.
HCL Technologies, Infosys, Tech Mahindra and HDFC bucked the trend.
Market Snaps 3-Day Gains:
Benchmark indices snapped three-day gains amid global recession fears. The BSE Sensex was down 189.43 points at 37,451.84 and the Nifty50 fell 59.30 points to 11,046.10.
In the broader space, Edelweiss Financial, Oberoi Realty, Tata Global and ICICI Prudential rallied 5-10 percent. RBL Bank plunged 12 percent.