The Indian benchmark indices ended lower on January 10, erasing most of the gains of the previous session amid selling across sectors. The 30-pack Sensex closed 631.83 points, or 1.04 percent, down at 60,115.48 and the Nifty ended 187 points, or 1.03 percent, lower at 17,914.20.
After a smart recovery in the previous session, the market started on a negative note and the selling extended as the day progressed, with the Nifty slipping below 17,900 intraday. Last-hour buying helped erase some of the intraday losses.
Adani Enterprises, Bharti Airtel, Eicher Motors, Adani Ports and SBI were among the top losers on the Nifty. The gainers were Tata Motors, Hindalco Industries, Apollo Hospitals, Power Grid Corp and Divis Labs.
Among sectors, the Nifty PSU bank index shed 2.6 percent, Nifty Bank and infra indices were down a percent each.
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The BSE midcap and smallcap indices each closed 0.5 percent lower.
On the BSE, the bank index fell 1 percent, information technology index 0.7 percent, realty index 0.68 percent and the FMCG index was down 0.4 percent. The metal index, however, added 0.66 percent.
Among individual stocks, a volume spike of more than 100 percent was seen in Adani Enterprises, Indiabulls Housing Finance and Tata Motors.
A short build-up was seen in Adani Enterprises, Punjab National Bank and Intellect Design Arena, while a long build-up was seen in BPCL, Havells India and Max Financial Services.
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Outlook for January 11
Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities
Local investors have been following global cues and the weakness in European and US markets triggered a downfall in domestic equities, which saw the Nifty end below the crucial 18000-mark.
Trading sentiment has been very weak and most of the sluggish external factors are prompting investors to book profit at regular intervals.
Technically, the Nifty has formed a long bearish candle on daily charts, indicating further weakness from the current levels.
For the bulls, 18,000 will be the key level to watch out for, and above it, the index can retest 18,100-18,150.
On the lower side, 17,800 will act as a sacrosanct support zone, below which selling pressure can drag the index to 17,700-17,675.
Ajit Mishra, VP-Technical Research, Religare Broking
The market plunged lower and lost nearly a percent continuing the corrective phase. The decline was widespread, with banking, metal, realty and IT among the top losers. The broader indices, too, came under pressure and lost nearly half a percent each.
Markets are gradually drifting lower amid volatility and indications are of more pain ahead. Mixed global cues and the earnings season will keep traders on the edge. We reiterate our view to limit positions and prefer a hedged approach, especially for overnight trades.
Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.
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