Sensex, Nifty mirror weak global cues on Tuesday; check what’s dragging markets today

Sensex, NiftyFor the market to move up, it has to go past the resistance of 10800 on a closing basis

On the back of weak global cues, Indian share market headline indices BSE Sensex and Nifty 50 fell in Tuesday’s trade, dragged by index heavyweights HDFC Bank and HDFC. The 30-share index Sensex dipped 280 points or 0.76 per cent to trade at 36,414, while the Nifty50 slipped below its crucial 10,800-mark to trade at 10,722. “The markets have opened with a gap down but is still holding the support of 10650. We need to see if that breaks. If it does, the markets would go into a short term downtrend and test 10500-10550 levels. For the market to move up, it has to go past the resistance of 10800 on a closing basis,” said Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments.

21 Sensex stocks in red: Out of 30 Sensex stocks, 21 scrips were trading in negative territory today. IndusInd Bank was top Sensex loser, down 3.5 per cent, followed by HDFC, Bajaj Finserv, Axis Bank, HDFC Bank and Bajaj Finance. While HCL Tech, Infosys, Nestle India, Bharti Airtel and RIL were among Sensex gainers.

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Nifty PSU Bank index down 2%: Barring Nifty IT and Nifty Pharma, all the sectoral indices were trading lower. Nifty PSU Bank index declined 2 per cent while Nifty Financial Services was also trading 1.7 per cent lower. On the flip side, Nifty IT and Nifty Pharma were up 0.36 per cent and 0.64 per cent.

Corporate earnings: Barak Valley Cements, Century Textiles, Wipro, Mindtree, Delta Corp, Hindustan Copper, Khadim India, National Peroxide, Paramount Communications, Reliance Industrial Infrastructure, Oberoi Realty etc., are scheduled to announce their June quarter earnings today.

Global market: Asian stock markets were trading lower in trade today with Nikkei 225 slipping 0.7%. Similarly, the Topix index also declined by 0.38% and South Korea’s Kospi shed 0.44%. Two out of three US stock indices closed in the red in overnight trade, with S&P 500 SPX slipping 0.94% and Nasdaq Composite down 2.13 per cent. However, the Dow Jones Industrial Average rose 0.04 per cent to end at 26,085.8 points.

FII and DII data: On Monday, foreign institutional investors (FIIs) bought shares worth Rs 221.76 crore while domestic institutional investors (DIIs) sold shares worth Rs 1,485.59 crore on a net basis, according to the provisional data available on the NSE.

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