Closing Bell: Indices revert gains in late trade as Nifty ends below 11,650; BPCL down 4%

Benchmark indices ended near day's low after Skymet predicts below normal monsoon due to developing El Nino.

Sensex and Nifty touched record high in the early trade today.

At close, the Sensex was down 179.53 points at 38877.12, while Nifty was down 69.20 points at 11,644. About 998 shares have advanced, 1574 shares declined, and 157 shares are unchanged

BPCL, Zee Entertainment, IOC, SBI and GAIL were the top losers on the Nifty, while gainers were Indiabulls Housing, Maruti Suzuki, Bajaj Finserv, HCL Tech and JSW Steel.

All the sectoral indices ended in red led by PSU bank (down 2.5 percent) followed by pharma, infra, energy, IT, metal, auto and FMCG.

Shares of oil marketing companies slipped 2-4 percent on April 3 as Brent crude oil price inching towards USD 70 per barrel mark.

After a strong rally seen in the recent past Nifty currently is in consolidation phase. Tech parameters suggest possibility of extended consolidation before the up move resumes. We continue to believe the bias remains positive and suggest buying on dips.

Meaningful support on the downside is seen at 11,200-11,300; expect volatility to remain high in the near term. On the higher side we would expect 12,300-12,500 on Nifty. Banking is expected to witness some profit booking while metals and select auto stocks trade with a positive bias.

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There is a sharp decline on the Dalal Street with Nifty trading around 11,700 level.

At 14:20 hrs IST, the Sensex is up 31.53 points at 39,088.18, while Nifty is down 5.50 points at 11,707.70. About 1017 shares have advanced, 1366 shares declined, and 152 shares are unchanged.

USFDA inspected the company‘s formulations manufacturing facility located at Pharmez, Ahmedabad from March 25 to April 2, 2019. The inspection which included product specific pre-approval and post-approval inspections and a GMP Inspection, concluded with one observation.

India markets have rallied led by dovish global central bank sentiments. That coupled with consistent FII flows and expectations of current political dispensation making a comeback post elections is driving the markets higher. However, valuations now look fair and one needs to be stock specific and selective from hereon. We prefer banks, discretionary consumption plays and select Industrials.

: June-September monsoon seen below normal. July Monsoon could be critical.