Indices snap 2-day winning streak: Sensex ends 230 pts lower, Nifty settles below 18,400 level

Among Sensex stocks, Titan, M&M,

, HDFC, Dr Reddy’s, and were the top losers in today’s trading session, falling around 1-2%. , , , , NTPC and also ended in the red. On the other hand, L&T, , , , and ended the session with gains.

Sectorally, the Nifty Auto dropped 1.36% and Nifty Consumer Durables declined 1.35%. Nifty IT and Nifty Financial Services also closed lower. In the broader market, Nifty Midcap50 fell 0.16% and Smallcap50 dropped 0.42%.

“Nifty started lower and remained volatile throughout the day. On a closing basis, Nifty bulls were able to hold the crucial support of 18,300. The RSI (14) on the daily chart has entered a bearish correction. Going forward, a fall below 18,300 may trigger a correction towards 18,100-18,000. On the other hand, resistance is visible at 18,450,” said Rupak De, Senior Technical Analyst at

.

“Global markets have recently surged on expectations that the Fed may scale back its aggressive rate hike schedule in reaction to easing US inflation statistics. The euphoria was, however, dashed by better US retail sales in October and aggressive remarks from Fed officials,” Vinod Nair, Head of Research at

, said.

“The domestic market moved in tandem with the trend, with most sectors in the red. As the domestic market got more expensive, FIIs were seen being cautious,” Nair added.

Earlier in Asian markets, Japan’s Nikkei 225 fell 0.35%, China’s Shanghai Composite plunged 0.15% and South Korea’s Kospi declined 1.39%.

The Indian rupee declined against the dollar on Thursday, largely influenced by the dollar index and the Chinese yuan. The rupee ended at 81.65 per US dollar, down from 81.29 in the previous session. Whereas, the Brent crude January futures fell 0.27% to $92.61 per barrel.

The market breadth was skewed in favour of bears. About 1,987 stocks declined, 1,520 gained and 109 remained unchanged.