Sensex today: Market Watch: Market structure pointing towards possibility of profit booking | The Economic Times Podcast

In tandem with weak global cues, key equity indices snapped 2-day gaining streak and ended lower on Thursday, led by HDFC twins and IT stocks. The 30-share Sensex ended 230 points lower at 61,750 while its broader peer Nifty 50 ended just above the 18,350 level.

Among Sensex stocks, Titan, M&M, Maruti, HDFC, Dr Reddy’s, Bajaj Finserv and Infosys were the top losers in today’s trading session, falling around 1-2%. Tech Mahindra, HCL Tech, HDFC Bank, Kotak Bank, NTPC and Sun Pharma also ended in the red. On the other hand, L&T, Power Grid, ICICI Bank, Bharti Airtel, Axis Bank and Reliance 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%.

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.

Mr Ajit Mishra of Religare Broking said the recent market structure is pointing towards the possibility of some profit taking or consolidation ahead. Nifty is expected to hold the 17,800-18,100 zone.

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