The Indian equity benchmarks snapped a three-day winning streak to end lower on March 9, dragged down by auto, information technology, FMCG, realty and financials.
At close, the Sensex was down 541.81 points, or 0.90 percent, at 59,806.28, and the Nifty was down 164.80 points, or 0.93 percent, at 17,589.60.
After a muted start, bears took charge and the selling extended in the second half, pulling the indices below crucial levels. The benchmarks finished near the day’s low.
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Stocks and sectors
Adani Enterprises, M&M, SBI Life Insurance, Reliance Industries and Adani Ports were among the biggest losers on the Nifty, while gainers included Tata Steel, Larsen and Toubro, Bharti Airtel, Apollo Hospitals and Axis Bank.
On the sectoral front, Nifty auto index shed 1.8 percent, and information technology and PSU Bank down 1 percent each. However, Nifty Bank, infra, energy, pharma down 0.4-0.9 percent.
The BSE midcap index shed 0.55 and smallcap index fell 0.2 percent.
On the BSE, FMCG, Realty, auto and IT down 1 percent each, while buying was seen in the capital goods, metal and power names.
TV Today Network, Pfizer, Page Industries, Mercator and IL&FS Transportation Networks among the BSE stocks which fell to their 52-week low.
Among individual stocks, a volume spike of more than 100 percent was seen in Indiamart Intermesh, SBI Cards & Payment Services and Apollo Hospitals Enterprises.
A short build-up was seen in Adani Enterprises, Balkrishna Industries and RBL Bank, while a long build-up was seen in Manappuram Finance, SBI Cards & Payment Services and Delta Corp.
Outlook for March 10
Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities
Selling pressure came to the fore after 3 days of relief rally, as US Fed signalling further rate hike to tame inflation reignited worries of slowing growth. Also, the rising bond yields in the last few sessions are indicating that risk-off sentiment in equities will prevail going ahead and liquidity could tighten.
Technically, on daily charts, the Nifty has formed a long bearish candle which supports further weakness from the current levels.
For the bulls, 17,650 would act as an immediate resistance zone. Below the same, the index could slip till 17,500-17,450. On the flip side, above 17,650, minor intraday pullback rally could be seen till 17,700-17,750.
Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas
The Nifty opened on a positive note however as the day progressed selling pressure intensified, and the Nifty closed around the lows of the day down ~ 165 points. On the daily charts we can observe that the 40-day moving average (17,764) acted as a stiff resistance and the Nifty is facing selling pressure from the zone of 17,760 – 17,800.
The fall on the hourly charts is suggesting that it is corrective in nature and hence this fall is unlikely to result into a trend reversal. In terms of price pattern, the Nifty might be in the process of forming a Bullish flag pattern.
The daily momentum indicator has a positive crossover and hence this dip should be bought into. The fall today might appear aggravated on account of weekly expiry and we expect Nifty to bounce back. Overall, the range of consolidation is likely to be 17,500 – 17,925 from a short-term perspective.
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