Markets erase all gains to fag-end selling; Nifty holds 15,800
Benchmark BSE Sensex on Tuesday gave up intra-day gains to close lower by a little over 100 points on emergence of fag-end selling in FMCG, banking and IT stocks and weak opening in European stock markets.
The 30-share BSE index declined 100.42 points or 0.19 per cent to settle at 53,134.35. During the day, it jumped 631.16 points or 1.18 per cent to 53,865.93. The NSE Nifty also gave up intra-day gains and dipped 24.50 points or 0.15 per cent to 15,810.85.
ITC, Wipro, Axis Bank, Mahindra & Mahindra, Larsen & Toubro, Maruti Suzuki India, IndusInd Bank and Asian Paints were among the major laggards in the Sensex pack. Power Grid, Bajaj Finserv, Hindustan Unilever, Sun Pharma, Reliance Industries and Tata Steel were among the major gainers.
Elsewhere in Asia, markets in Tokyo, Seoul and Hong Kong ended with gains, while Shanghai settled marginally lower. European bourses were trading in the negative territory in mid-session deals. The US markets were closed for a holiday on Monday.
"Nifty gave up morning gains and ended in the negative zone. Following early weakness in European markets, it fell and closed lower," said Deepak Jasani, Head of Retail Research, HDFC Securities.
Vinod Nair, head of research, Geojit Financial Services, said that the current trend in the global market indicates that the uncertainties around recession and tightening monetary policy continues to haunt investors’ confidence.
"Nifty failed to absorb selling pressure from the call writers leading to a close around the day's low. Despite the selling, the Nifty held above the near-term moving averages. The trend is likely to remain positive as long as it sustains above 15800. On the higher end resistance is visible at 16000/16200," Rupak De, senior technical analyst, LKP Securities, said.
In the previous session, the BSE index had gained 326.84 points or 0.62 per cent to settle at 53,234.77 on Monday. The Nifty went higher by 83.30 points or 0.53 per cent to close at 15,835.35.
Meanwhile, international oil benchmark Brent crude declined 0.88 per cent to USD 112.5 per barrel. Foreign institutional investors (FIIs) remained net sellers in the capital market, as they sold shares worth Rs 2,149.56 crore on Monday, as per exchange data.
With PTI Inputs
