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Taking Stock: Market slips from record high; realty, metal, FMCG take a hit

Except Nifty IT, all other sectoral indices ended in the red, with Nifty auto, energy, FMCG, metal, pharma and PSU bank down 1-3 percent

October 19, 2021 / 04:59 PM IST

On a day of volatile trade, benchmark indices hit record highs in the opening hours on October 19 only to slip on profit-booking to close in the red, snapping a seven-day winning streak.

The BSE Sensex touched a fresh high of 62,245.43 but gave up the gains to end 49.54 points, or 0.08 percent, lower at 61,716.05. Same for the Nifty, which rose to a record 18,604.45 but slipped 58.20 points, or 0.31 percent, to 18,418.80.

"Indices met with profit-taking today even as the IT index stood tall through the day, which indeed had several bouts of volatility," said S Ranganathan, Head of Research at LKP securities.

Market breadth, too, was weak, with declines outpacing advances led by big names in the FMCG sector, as the Street awaits a slew of primary market offerings, he said.

Broader markets, too, witnessed profit booking in several top performing midcap names, he said. The BSE midcap and smallcap lost nearly 2 percent each.

Close

Tech Mahindra, L&T, Bajaj Finserv, Infosys and Kotak Mahindra Bank were among the major Nifty gainers. Losers included ITC, Tata Motors, Eicher Motors, HUL and Titan Company.

Except the Nifty IT (up 2.2 percent), all other sectoral indices ended in the red. Nifty auto, energy, FMCG, metal, pharma and PSU bank were down 1-3 percent.

Stocks and sectors

IndexPricesChangeChange%
Sensex58,790.51140.83 +0.24%
Nifty 5017,512.0042.25 +0.24%
Nifty Bank37,110.25-174.45 -0.47%
Nifty 50 17,512.00 42.25 (0.24%)
Thu, Dec 09, 2021
Biggest GainerPricesChangeChange%
ITC234.659.70 +4.31%
Biggest LoserPricesChangeChange%
HDFC Bank1,527.45-26.35 -1.70%
Best SectorPricesChangeChange%
Nifty FMCG38156.70496.80 +1.32%
Worst SectorPricesChangeChange%
Nifty Bank37111.80-172.90 -0.46%

On the BSE, IT and capital goods indices were up 0.5-1 percent, while FMCG, healthcare, oil & gas, power and realty indices were down 1-4 percent.

Among individual stocks, a volume spike of more than 600 percent was seen in IRCTC, IEX and HUL.

Long buildup was seen in Persistent Systems, IEX and Manappuram Finance, while short buildup was seen in IRCTC, JK Cement and Polycab.

More than 300 stocks, including V-Mart Retail, Tata Coffee and Reliance Industries, hit a 52-week high on the BSE.

Market Outlook for October 20

Sachin Gupta, AVP-Research, Choice Broking

On the technical front, the Nifty formed a long bearish candle at the top of the trend, indicating a further reversal in the counter.

However, the index took immediate support at upper bollinger band formation on the daily chart. While on an hourly chart, the stochastic also tested the oversold zone.

The index has immediate support at the 18,200, while resistance comes at 18,600.

Mohit Nigam, Head–PMS, Hem Securities

On the technical front, the Nifty witnessed selloff after seven consecutive positive sessions. We believe the profit-booking is healthy for the market and any significant dip would be a good opportunity to accumulate quality stocks. Immediate support for the Nifty is 18,300.

Rahul Sharma, Co-Founder, Equity99

Investors should be cautious after the movement that was seen in midcaps and small caps during the day. Investors should keep strict stoploss to their positions.

For the Nifty, 18,350 will act as immediate support, a breach of which may see selling until the next support of 18,250 and then 18,200.

On the upper side, 18,550 will act as major resistance which would have to be broken for the market to head to 18,600 and beyond.

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.

 
Rakesh Patil
first published: Oct 19, 2021 04:31 pm

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