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Last Updated : Oct 08, 2019 07:18 AM IST | Source: Moneycontrol.com

BSE, NSE shut on account of Dussehra

Wholesale commodity markets, including metal and bullion, will also be closed while there will be no trading activity on forex and commodity futures markets as well.

Moneycontrol News @moneycontrolcom

The National Stock Exchange of India and BSE Limited are shut for trading on October 8, 2019, on account of Dussehra.

Wholesale commodity markets, including metal and bullion, will also be closed while there will be no trading activity on forex and commodity futures markets as well.

Trading activity will resume on October 9.

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The market fell for sixth consecutive session on October 7 as bears continued to have upperhand at Dalal Street, dragged by auto, FMCG, technology, metals and pharma stocks.

Investors continued to be worried about earnings growth in September ended quarter, especially after the Reserve Bank of India reduced its full year GDP growth forecast to 6.1 percent from 6.1 percent.

The BSE Sensex declined 141.33 points to 37,531.98 and the Nifty50 slipped 48.40 points to 11,126.40, taking total six-day losses to nearly 4 percent each.

"Market traded rangebound as investors are expecting the downward revision in GDP estimate to mirror in second-quarter earnings as well. The core auto, banks and infra are already in subdued condition due to weak demand," Vinod Nair, Head of Research at Geojit Financial Services, told Moneycontrol.

The broader markets also closed lower with Nifty Midcap and Smallcap indices falling 0.3 percent and 1.25 percent respectively. Both indices were down 5.6 percent and 7 percent respectively in six straight sessions.

The market breadth also remained in favour of bears as about two shares declined for every share rising on the BSE.

"Going ahead, we may see some bounce due to oversold positions in the index but the bias would remain on the negative side. We reiterate our cautious view and suggest preferring hedged trades. In the absence of any major event, earnings and global cues will dictate the market trend in days to come," Ajit Mishra, Vice President - Research at Religare Broking said.

Tata Steel (down 2.5 percent), ONGC (2.43 percent), ITC (2.18 percent), M&M (2 percent) and L&T (1.88 percent) were top losers among Sensex 30 stocks.

However, gainers were Yes Bank (up 8.19 percent), Axis Bank (2.53 percent), Bajaj Auto (0.95 percent), ICICI Bank (0.62 percent) and Bharti Airtel (0.53 percent).

Technically, the Nifty50 formed a bearish candle on the daily charts for sixth day in a row.

"Going ahead, the 61.8 percent retracement of the recent rise i.e. 11,060 & the key psychological level of 11,000 will be the key supports to watch out for. The bulls need to defend these supports in order to keep the larger up trend intact. On the flip side, failure of bulls to hold on to these supports will turn the sentiments significantly in favor of the bears," said Gaurav Ratnaparkhi, Senior Technical Analyst, Sharekhan by BNP Paribas.

On the higher side, the Nifty needs to take out the near term hurdle zone of 11,200-11,250 so as to turn the trajectory up again, he added.

Meanwhile, the rupee weakened by 14 paise to close at 71.02 against the US dollar on Monday as profit booking in domestic equities and unabated foreign fund outflows kept investors nervous.

FIIs have net sold Rs 494.21 crore worth of shares on Monday, taking total October outflow to nearly Rs 3,300 crore while domestic institutional investors remained net buyers, adding Rs 904.82 crore worth of shares and their total October month buying stood at more than Rs 3,800 crore.

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First Published on Oct 8, 2019 07:18 am
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