Market failed to build on the opening hours gains and remained rangebound throughout the session, with final hour selling pressure dragged the Nifty below 25,500 before closing near day's low amid selling across the sectors.
At close, the Sensex was down 148.14 points or 0.18 percent at 83,311.01, and the Nifty was down 87.95 points or 0.34 percent at 25,509.70. BSE Midcap index fell 1.2%, and smallcap index shed 1.5%.
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On the sectoral front, metal, power, realty, media were down 1.5-2.5%. However, FMCG, auto and IT ended with marginal gains.
Asian Paints, Interglobe Aviation, M&M, Reliance Industries, UltraTech Cement were among major gainers on the Nifty, while losers were Hindalco, Grasim Industries, Adani Enterprises, Power Grid Corp and Eternal.
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In stock-specific action, Hindalco Industries shares slipped 5% on weak Novelis results, Grasim Industries shares declined 6% despite strong Q2 earnings, One 97 Communications (Paytm) shares rose 4% despite Q2 profit fall, M&M shares rose 1% on selling entire stake in RBL Bank, Ather Energy shares extend fall on 4th day on block deal of 1.4 crore shares (3.66% equity) worth Rs 856.2 crore.
Britannia Industries shares added 2% after Q2 profit jumps 23%, RBL Bank shares hit 52-week high on 3.4% equity change hands in a block trade, Delhivery share price shed 8% on reporting losses in Q2, Redington shares surged 16% after Q2 profit jumps 23%, Godrej Agrovet shares slipped 5% after Q2 profit down 12%, Force Motors shares declined 2% despite better October sales data.
| Index | Prices | Change | Change% |
|---|---|---|---|
| Sensex | 75,273.45 | 1,205.00 | +1.63% |
| Nifty 50 | 23,306.45 | 394.05 | +1.72% |
| Nifty Bank | 53,708.10 | 1,102.45 | +2.10% |
| Biggest Gainer | Prices | Change | Change% |
|---|---|---|---|
| Shriram Finance | 956.00 | 52.40 | +5.80% |
| Biggest Loser | Prices | Change | Change% |
|---|---|---|---|
| Tech Mahindra | 1,408.50 | -24.20 | -1.69% |
| Best Sector | Prices | Change | Change% |
|---|---|---|---|
| Nifty PSU Bank | 8581.05 | 223.50 | +2.67% |
| Worst Sector | Prices | Change | Change% |
|---|---|---|---|
| Nifty IT | 29671.30 | 22.40 | +0.08% |
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More than 120 stocks touched their 52-week high on the BSE, including CCL Products, Paytm, Navin Fluorine, RBL Bank, SBI, Laurus Labs, AU Small Finance Bank, 3M India, Titan Company, Chennai Petro, BPCL, City Union Bank, among others. Click to View More
New Listing
Orkla India shares ended 3 percent lower at Rs 707.80 after making debut at Rs 750.10 per share on the NSE, a premium of 2.75 percent against the price band of Rs 695-730 per share.
Outlook for November 7
Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities
The downtrend continued in the market on Thursday and Nifty closed the day lower by 87 points. After opening lower, the market was not able to sustain the highs, as it declined consistently by forming lower highs and lower lows as per intraday basis.
A long bear candle was formed on the daily chart with long upper shadow. Technically, this market action indicates a sell on rise opportunity. Formation of upper shadows in the last 5-6 candles during downtrend signal presence of strong resistance on the rise.
The underlying trend of Nifty continues to be weak. The market is now entering a crucial support zone around 25400 levels (previous upside broken trend line resistance as per change in polarity). Immediate resistance is placed at 25700.
Rupak De, Senior Technical Analyst at LKP Securities
The Nifty slipped below the critical 21EMA on the daily timeframe, indicating weakness. However, the index has declined towards the support of the previous swing high, placed around 25,450.
Going forward. if the index falls below 25,450, the short-term trend might weaken further. On the other hand, if it holds above 25,450, a significant trend reversal might occur.
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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