The Indian equity markets extended its decline for a second consecutive session on January 6 with Nifty closing below 26,200 amid selling seen in the oil & gas, media, energy names. However, buying in IT, metal, pharma and financials limit the losses.
The market started the session on a negative note with Nifty falling below 26,200. However, despite initial hour recovery, the tensions between the US and Venezuela and renewed trade concerns over US tariffs on India, dragged Nifty to close near day's low.
At close, the Sensex was down 376.28 points or 0.44 percent at 85,063.34, and the Nifty was down 71.60 points or 0.27 percent at 26,178.70.
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Among sectors, IT, pharma, PSU Bank, metal rose 0.3-1.7 percent, while infra, media, oil &gas, capital goods fell 0.6-1.6 percent.
BSE Midcap and smallcap indices ended lower.
Trent, Reliance Industries, ITC, Kotak Mahindra Bank, Interglobe Aviation were among top losers on the Nifty, while gainers were Apollo Hospitals, ICICI Bank, HDFC Life, Sun Pharma and Tata Consumer.
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| Index | Prices | Change | Change% |
|---|---|---|---|
| Sensex | 76,034.42 | -829.29 | -1.08% |
| Nifty 50 | 23,639.15 | -227.70 | -0.95% |
| Nifty Bank | 55,100.95 | -634.80 | -1.14% |
| Biggest Gainer | Prices | Change | Change% |
|---|---|---|---|
| Coal India | 470.10 | 23.35 | +5.23% |
| Biggest Loser | Prices | Change | Change% |
|---|---|---|---|
| M&M | 3,031.20 | -137.00 | -4.32% |
| Best Sector | Prices | Change | Change% |
|---|---|---|---|
| Nifty Energy | 36834.35 | 695.85 | +1.93% |
| Worst Sector | Prices | Change | Change% |
|---|---|---|---|
| Nifty Auto | 25098.00 | -828.00 | -3.19% |
In stocks, Tata Motors PV shares dropped 2% after JLR wholesales drop 43%, KSH International shares price added 3% as Q2 profit jumped 129%, Allcargo Terminals shares up 1% after December volumes rose 18%, GM Breweries shares shed 5% despite Q3 profit surges 91%, Emmvee Photovoltaic shares added 8% as Jefferies initiates 'buy' on the stock, IndusInd Bank share price rose 2% after Nomura retains 'buy' rating on the stock.
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Nearly 140 stocks touched 52-week high, including Aether Industries, NALCO, IIFL Finance, Bajaj Auto, Hindalco Industries, Graphite India, Union Bank of India, Hindustan Copper, eClerx Services, SBI Life Insurance, SBI, Bank of India, among others. Click to View More
On the other hand, more than 120 stocks hit 52-week low including Premier Energies, Vedant Fashions, Mahanagar Gas, ITC, Page Industries, Cohance Life, United Breweries, Clean Science, Jubilant Foodwoks, Tata Chemicals, among others. Click to View More
Outlook for January 7
Shrikant Chouhan, Head Equity Research, Kotak Securities
Today, profit booking continues at higher levels, and the Nifty ends 72 points lower, while the Sensex was down by 376 points. Among sectors, the Pharma and Healthcare indices outperformed today, both rallying over 1.5 percent, whereas the Oil and Gas Index lost the most, shedding 1.80 percent. Technically, after an early morning intraday rally, the market registered profit booking again at higher levels.
We are of the view that the intraday market formation is still on the weaker side, but a fresh selloff is possible only after the breach of 26,100/84800. Below this level, the market could slip to 26,000-25,950/84500-84350. On the flip side, 26,250/85300 would be the immediate resistance zone for the bulls. Above this, the market could bounce back up to 26,350-26,380/85500-85700.
Rupak De, Senior Technical Analyst at LKP Securities
The Nifty has slipped as weakness continues to prevail after the formation of a new lifetime high yesterday. On the lower end, it found intraday support around 26100. The trend looks likely to remain range-bound in the near term. Going forward, a sustained rally may emerge upon a maneuvering effort by bulls to take the Nifty above 26300. On the downside, support is placed at 26000.
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 decision.
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