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Taking Stock: Third straight day of losses; IT, metal and realty stocks drag

The broader indices, too, ended in the red, with the BSE midcap and the smallcap falling 0.4 percent and 0.7 percent

October 21, 2021 / 04:37 PM IST

After a positive start, the benchmark indices came under selling pressure for the third consecutive day on October 21, with the Sensex closing 336.46 points, or 0.55 percent, down at 60,923.50 and the Nifty falling 88.50 points, or 0.48 percent, to 18,178.10.

"Selloff continued due to weak Q2 results, bearish global market and profit booking in IT, metal and realty stocks. However, the banking index, especially PSBs, moved with confidence on expectations of good quarterly earnings," said Vinod Nair, Head of Research at Geojit Financial Services.

High volatility forced foreign and domestic institutional investors to remain net sellers, he added.

The broader indices BSE midcap and smallcap fell 0.4 percent and 0.7 percent, respectively.

Asian Paints, Hindalco Industries, Reliance Industries, Infosys and Dr Reddy’s Labs were among the major Nifty losers.

Close

Gainers included Kotak Mahindra Bank, Tata Motors, Grasim Industries, BPCL and HDFC.

Nifty Bank and PSU Bank indices rose 1-2 percent, while Nifty IT and metal indices fell 1.7-2.5 percent. Selling was also seen in energy, FMCG and infra names.

Stocks and sectors

IndexPricesChangeChange%
Sensex57,260.58153.43 +0.27%
Nifty 5017,053.9527.50 +0.16%
Nifty Bank35,976.45-49.05 -0.14%
Nifty 50 17,053.95 27.50 (0.16%)
Mon, Nov 29, 2021
Biggest GainerPricesChangeChange%
Kotak Mahindra2,019.6055.30 +2.82%
Biggest LoserPricesChangeChange%
BPCL367.45-9.40 -2.49%
Best SectorPricesChangeChange%
Nifty IT34870.75264.65 +0.76%
Worst SectorPricesChangeChange%
Nifty PSU Bank2575.05-53.70 -2.04%

On the BSE, IT, metal and realty indices fell 1-2 percent, however, the bank index rose 1 percent and auto index 0.5 percent.

Among individual stocks, a volume spike of more than 300 percent was seen in BHEL, Sun TV Network and Adani Ports.

Long buildup was seen in Adani Ports, Berger Paints and GAIL, while short buildup was seen in Metropolis Healthcare, Kotak Mahindra Bank and Crompton Greaves Consumer Electrical.

More than 150 stocks, including Ratnamani Metals, Federal Bank and Sasken Technologies, hit a 52-week high on the BSE.

Market outlook for October 22

Rohit Singre, Senior Technical Analyst, LKP Securities

In the last hour of trading, the Nifty saw a strong pullback from 18,100, which will again act as a support for the coming sessions followed by 18,000.

On the higher side, immediate resistance is near 18,280-18,350.

Chandan Taparia, Vice President | Analyst-Derivatives, Motilal Oswal Financial Services

The Nifty has to cross and hold above 18,250 for an up move towards 18,350 and 18,450 zones, while on the downside, support exists at 18,050 and 17,947.

Mohit Nigam, Head-PMS, Hem Securities

We believe the profit-booking seen on October 21 would be healthy for the market. Any significant dip is a good opportunity to accumulate quality stocks. Immediate support for the Nifty is 18,000.

Gaurav Ratnaparkhi, Head, Technical Research, Sharekhan by BNP Paribas

The Nifty opened gap-up only to see a fresh round of selling near the 20-hour moving average. On the way down, it breached 18,200 but received support as it approached the crucial 18,000-mark.

The downside looks protected at 18,000 from short-term perspective. On the other hand, 18,400-18,500 will be the hurdle zone for a minor degree bounce.

Overall, the Nifty is expected to continue with short-term consolidation.

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.

Disclosure: MoneyControl is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.
Rakesh Patil
first published: Oct 21, 2021 04:37 pm

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