The fall was largely aided by Reliance Industries which was down 0.68 percent. IndusInd Bank was the top Nifty loser down over 2 percent while Godrej Agrovet was the most active stock.
Both Nifty and the Sensex trimmed their respective morning gains after both indices hit record highs in morning trade. The fall was largely aided by Reliance Industries which was down 0.68 percent. IndusInd Bank was the top Nifty loser down over 2 percent as the market did not take its merger with Bharat Financial Inclusion in a positive way.
Bharti Airtel was the top Nifty gainer which continued its positive trend from last week while Bharti Infratel was up 2.8 percent followed by Vedanta, Bharat Petroleum Corporation and Mahindra & Mahindra which were all up over 2 percent each. The most active stocks in the Nifty were Godrej Agrovet followed by Reliance Industries, Bharat Financial Inclusion, Bharti Airtel and IndusInd Bank.
From the Nifty Index, the stocks which hit 52-week highs included Tata Steel, Dilip Buildcon, Goa Carbon and Uflex while on the BSE, HCL Technologies, IFB Industries, LG Balakrishnan and IG Petrochem were some of the few stocks that hit 52-week high in the afternoon trade.
In the Nifty, the advance-decline ratio was in favour of the bulls with 35 advances as gainst 14 declines. However, on the BSE, the market breadth turned negative with 1230 advances as against 1263 declines.
Technical Analyst Ashwani Gujral of ashwanigujral.com, recommends buying Tata Steel with a stop loss of Rs 710 and target of Rs 735 while Mitessh Thakkar of mitesshthakkar.com has a buy on Kotak Mahindra Bank with a stop loss at Rs 1,059 and look for target of Rs 1,125.Disclaimer: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments LtdGet access to India's fastest growing financial subscriptions service Moneycontrol Pro for as little as Rs 599 for first year. Use the code "GETPRO". Moneycontrol Pro offers you all the information you need for wealth creation including actionable investment ideas, independent research and insights & analysis For more information, check out the Moneycontrol website or mobile app.