The Indian markets failed to hold on the morning gains and ended lower for the third straight session on August 6 amid volatility led by mixed sectoral performance.
At close, the Sensex was down 125.84 points or 0.16 percent at 78,633.56, and the Nifty was down 63.05 points or 0.26 percent at 23,992.55.
Also Read - Fall less, rise more: Indian markets less volatile than other emerging markets
At close, the Sensex was down 2,222.55 points or 2.74 percent at 78,759.40, and the Nifty was down 662.10 points or 2.68 percent at 24,055.60.
HDFC Life, SBI Life Insurance, Shriram Finance, BPCL and SBI were among the top Nifty losers, while gainers included Britannia Industries, JSW Steel, HUL, L&T and Tech Mahindra.
Among sectors, auto, bank and oil & gas were down 0.5 percent each, while IT, metal, realty up 0.3-0.8 percent.
The BSE midcap and smallcap indices ended shed 0.5 percent each.
Outlook for August 7
Aditya Gaggar Director of Progressive Shares
Although a strong opening reaching higher levels was seen in the opening trade, the Index failed to hold its gains and gradually erased it. In the 2nd half of trading, selling pressure intensified, and the Index wiped off all its gains to end the session at 23,992.55 with a loss of 63.05 points.
A mixed trend was seen across the board where Realty and IT were the top gainers while PSU Banks corrected the most followed by Auto.
From the broader markets, Midcaps and Smallcaps corrected by 0.61% & 0.39% and underperformed the Frontline Index.
The near-term outlook for Nifty50 turned bearish unless it gives a convincing move above 24,400 while on the downside, 50DMA support i.e. 23,880 will be considered as immediate support.
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