Benchmark indices fell for the third straight session today amid losses in market heavyweights Reliance Industries, Infosys and ICICI Bank as monthly derivatives expired.
After a volatile session, Sensex ended 286.91 points or 0.48 per cent lower at 59,126.36. Nifty declined 93.15 points or 0.53 per cent to 17,618.15.
PowerGrid was the top Sensex loser, shedding 2.67 per cent, followed by Asian Paints, Axis Bank, Kotak Bank, Bajaj Auto, SBI and M&M.
On the other hand, Bajaj Finserv, Bajaj Finance, NTPC, Sun Pharma and HUL were among the top Sensex gainers, rising up to 2.19%.
According to traders, expiry of monthly futures and options (F&O) contracts induced volatility during the session.
Of 30 Sensex shares, 21 ended lower.
However, BSE midcap and small-cap indices rose 83 points and 155 points, respectively.
On the sectoral front, consumer durables shares led the gains with the BSE consumer durables index ending 422 points higher at 41,339.
On the other hand, banking shares were the top losers with the BSE bankex slipping 427 points to 42,727.
BSE IT index too fell 202 points to 34,418.
Market breadth was positive with 1,842 shares ending higher against 1,432 shares closing in the red. 150 stocks were unchanged.
Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities said, “Investors booked profit on the expiry day due to a lack of fresh triggers and tepid global cues. Benchmark Nifty is hovering within the range of 17,600-17,780 and on intraday charts, it has formed a lower top formation which is largely negative. However, the medium-term structure is still positive.
The intraday trading setup suggests 17,700 could act as a strong resistance level, and below the same, the correction could continue up to 17,500-17,450 levels. On the flip side, beyond 17,700, the immediate hurdle would be the 17,750 level. On the contrary, any revival could lift the index up to 17,800.”
Elsewhere in Asia, bourses in Shanghai and Seoul ended with gains, while Hong Kong and Tokyo were in the red.
Exchanges in Europe were largely trading with gains in the afternoon session.
Meanwhile, international oil benchmark Brent crude rose 0.24 per cent to $78.28 per barrel.
