Sensex, Nifty end lower after four sessions; Reliance Industries, UltraTech Cement, SBI top losers
Benchmark indices ended lower after four consecutive sessions as investors booked profit in metal and consumer durables shares, amid weak global cues
Sensex ended 215 points lower at 54,277 and Nifty fell 56 points to 16,238.
Reliance Industries was the top loser on Sensex, shedding over 2 per cent, followed by UltraTech Cement, SBI, Tata Steel, HDFC and Axis Bank.
Shares of Reliance Industries ended 2.07 per cent lower at Rs 2,089.05 against the previous close of Rs 2,133.30 on BSE. Market cap of the company fell to Rs 13.24 lakh crore.
IndusInd Bank, Bharti Airtel, Tech Mahindra, Maruti, NTPC and Bajaj Auto were among the top Sensex gainers rising up to 3.11%.
Of 30 Sensex stocks, 16 ended in the red.
However, Sensex ended 3.22% or 1,690 points higher and Nifty rose 475 points or 3.01% during the week.
Gaurav Ratnaparkhi, Head of Technical Research, Sharekhan said, “Nifty witnessed a strong week in the beginning of August after a multi week consolidation in June-July. The index had a strong run up during the week and consolidated its gains towards the end of the week. On August 5, Nifty formed a Doji pattern whereas on August 6, it formed an inside bar pattern.
The overall structure shows that the brief pause is actually a healthy sign as it is allowing the overbought hourly momentum indicator to cool off and prepare for the next cycle on the upside. Structurally, the minor consolidation is expected to be followed by the next leg up, which will take the Nifty to 16,400 in the short term with the medium term target pegged at 16,800. On the other hand, a recent gap area on the daily chart i.e. 16,176-16,146 will provide cushion for the index.”
Market cap of BSE-listed firms stood at Rs 239.42 lakh crore.
Market breadth was positive with 1,821 shares ending higher against 1,391 closing lower on BSE.
However, BSE mid cap and small cap indices rose 53 points and 74 points, respectively.
Consumer durables and metal shares led the losses with their BSE indices shedding 125 points and 106 points, respectively.
BSE bankex slipped 70 points to 40,731.
Meanwhile, rupee inched 2 paise higher to close at 74.15 against the US currency, marking its fifth straight session of gains, after the announcement of RBI monetary policy.
At the interbank forex market, the rupee opened at 74.11 and hit an intra-day high of 74.10 and a low of 74.22. On Thursday, the rupee had settled at 74.17 against the US dollar.
