Friday belonged to the bears who took control of Indian markets from the word go, tracking muted trends in other Asian markets and escalating tensions on the India-China border.
The S&P BSE Sensex plunged more than 600 points and the Nifty50 broke below the psychologically important 11,400 level.
The Sensex lost 633 points to end the day at 38,357 while the Nifty50 was down 193 points to 11,333.
"While geopolitical issues dominated trading today on the back of already weak global cues in opening trade, we did witness bargain-hunting amid the mayhem in select segments," S Ranganathan, Head of Research at LKP Securities told Moneycontrol.
Consumer durables and rural-based stocks were bought in to on the back of a well-distributed bountiful monsoon and improved sowing, he said.
On a weekly basis, the Nifty50 fell 2.7 percent while the S&P BSE Sensex was down by 2.8 percent for the week ended September 4.
Sectorally, profit-taking was seen in metals, power, telecom, banks, and realty stocks.
Top Nifty gainer was Maruti Suzuki India.
| Index | Prices | Change | Change% |
|---|---|---|---|
| Sensex | 84,211.88 | -344.52 | -0.41% |
| Nifty 50 | 25,795.15 | -96.25 | -0.37% |
| Nifty Bank | 57,699.60 | -378.45 | -0.65% |
| Biggest Gainer | Prices | Change | Change% |
|---|---|---|---|
| Hindalco | 824.45 | 32.05 | +4.04% |
| Biggest Loser | Prices | Change | Change% |
|---|---|---|---|
| Cipla | 1,584.40 | -60.70 | -3.69% |
| Best Sector | Prices | Change | Change% |
|---|---|---|---|
| Nifty Metal | 10347.50 | 105.60 | +1.03% |
| Worst Sector | Prices | Change | Change% |
|---|---|---|---|
| Nifty FMCG | 56348.10 | -424.30 | -0.75% |
Top Nifty losers included Axis Bank, Tata Steel, JSW Steel and Adani Ports.
Stocks & Sectors
Sectorally, the S&P BSE Metal index plunged 2.9 percent, the power index was down 2.5 percent and the telecom index fell 2.57 percent.
A volume spike of more than 100 percent was seen in stocks like PFC, Maruti, Suzuki, Bandhan Bank, and Ashok Leyland.
Long buildup was seen in stocks like Ashok Leyland and Maruti Suzuki.
Short buildup was seen in stocks like Bharti Infratel, Bajaj Auto and ITC.
AstraZeneca, Amber Enterprises, VST Tillers and Tinken India were among more than 100 stocks on the BSE to a fresh 52-week high.
Technical View
The Nifty formed a bearish candle on the daily charts
The index failed to hold above 11,450 zone and closed the session near its opening level as the intraday bounces were sold into.
It negated the formation of higher lows of last three trading sessions and formed a Bearish Engulfing pattern on the weekly scale, which has a bearish implication if follow-up selling happens.
The index faces multiple hurdles in the 11,450-11,550 zone and weakness could be seen towards 11,200 then 11,111 levels if it stays below the said zone, Chandan Taparia, of Motilal Oswal Financial Services Limited said.
On a volatile day, India VIX moved up by 8.06 percent at 22.15 levels. The spike in VIX after three days of fall indicates that the short-term volatile swing could be back for the next few sessions.
Disclaimer: The views and investment tips expressed by experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
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