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Oct 26, 2020 03:56 PM IST | Source: Moneycontrol.com

Closing Bell: Profit booking drags Nifty below 11,800, Sensex falls 540 pts

All the sectoral indices ended in the red with Nifty Auto and Metal indices shed over 3 percent each. BSE Midcap and Smallcap indices fell 0.9-1.8 percent.

  • October 26, 2020 04:24 PM IST

    Nagaraj Shetti, Technical Research Analyst, HDFC Securities:

    The short term trend of Nifty seems to have reversed from the highs, but the near term trend status of the market remains range bound around 12000-11650 levels. The sharp follow-through weakness is not expected from here in the short term, but there is a possibility of an upside bounce emerging from here or from slightly lower levels. The crucial lower support is placed around 11650-11600 levels.

  • October 26, 2020 04:14 PM IST

    Vinod Nair, Head of Research at Geojit Financial Services:

    Volatility was expected as we are nearing the US election date. The prices are high which limits the capacity of the market to handle uncertainties though the final outcome of the election is unlikely to change the long-term trend of the global market. Rising covid cases in the US & Europe and delay in US stimulus has added worries. 

    Indian markets are taking a correction from the recent rally which has factored a lot about a uptrend in earnings growth due to positive Q2 results. Indian indices are expected to remain weak in the near-term and will be driven by the trend of ongoing Q2 result and developments in the US. A big correction is unlikely with 11,500 as a strong support for Nifty50.

  • October 26, 2020 04:04 PM IST

    Ajit Mishra, VP - Research, Religare Broking:

    Markets started the week with a cut of over a percent, pressurised by feeble global cues and not so supportive domestic factors. After a flat opening, the benchmark gradually inched lower as the session progressed. Mostly sectoral indices traded in tandem with the index and ended lower wherein auto and metal were trashed badly. Finally, the Nifty index closed 1.4% lower at 11,768 levels. The broader market indices also remained under pressure and ended lower in the range of 0.9-1.9%.

    The news of rising COVID cases across Europe and the US is haunting markets across the globe including ours. Besides, participants are hoping for some clarity over the US stimulus package before the US election. Amid all, domestic earnings announcements are further adding to the volatility. We feel it’s prudent to maintain positions on both sides in stocks despite the prevailing consolidation bias in Nifty.

  • October 26, 2020 04:00 PM IST
  • October 26, 2020 03:55 PM IST

    S Ranganathan, Head of Research at LKP Securities:

    Indices saw more than a percentage cut today as several countries in the EU are slated to go into a lockdown. Auto stocks were pounded today on apprehensions of a softer festive season and the late afternoon selling in Metal stocks pushed Indices into red during the earnings season. Value Buying was witnessed today in Insurance companies and Midcap Cement.

  • October 26, 2020 03:35 PM IST

    Market Close: Bears took the charge of Dalal Street on October 26 which pulled the Nifty below 11800 and Sensex by 500 points.

    At close, the Sensex was down 540 points or 1.33% at 40145.50, and the Nifty was down 162.60 points or 1.36% at 11767.80. About 986 shares have advanced, 1655 shares declined, and 171 shares are unchanged.

    Hero MotoCorp, Bajaj Auto, Hindalco, M&M and JSW Steel were among major losers on the Nifty, while gainers were HDFC Life, Nestle, Kotak Mahindra, IndusInd Bank and L&T.

    All the sectoral indices ended in the red with Nifty Auto and Metal indices shed over 3 percent each. BSE Midcap and Smallcap indices fell 0.9-1.8 percent.

  • October 26, 2020 03:29 PM IST

    Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments:

    We threatened the lower end of the range by piercing 11750 on an intraday basis but the Nifty was quick to bounce back to close above it. If the level of 11700 is breached, we can slide down to targets closer to 11450-11500.

  • October 26, 2020 03:25 PM IST

    Emkay on Yes Bank:

    Yes Bank has sustained profitability for a second quarter in a row with net profit at Rs 1.3 bn, led by high margins and contained provisions. The GNPA ratio remained elevated but largely stable at 16.9%, benefiting from SC stay on NPA tagging.

    The downtrend in credit/deposits has been largely arrested. After a sharp run-down for the last one year, deposits grew 16% qoq, led by corporate/bulk deposits, but building a retail deposit base will be an arduous task. The bank has paid back RBI liquidity support of Rs 500 bn. Retain sell with a target price of Rs 9, given sub-par return ratios and unfavourable risk-reward with higher valuations than peers.

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