Reliance Industries, Kotak Mahindra Bank, HDFC Bank and HDFC were among the biggest drags on the Sensex.The SP BSE Sensex and NSE Nifty 50 Indexes fell for seventh day in a row to lowest level in two months tracking sharp losses in Asian peers, where equities slumped as investors waited to see whether Chinese and US trade negotiators can salvage a deal to stave off the threat of fresh US tariff increases, which would damage global economic growth.
Selling pressure in Reliance Industries, Kotak Mahindra Bank, HDFC Bank, HDFC, Asian Paints and ITC exerted pressure on the benchmarks in today's session.
Earlier in the day, the Sensex fell as much as 384 points to hit an intraday low of 37,405, and the NSE Nifty 50 Index declined as much as 104 points to trade below the 11,300 mark.The Sensex fell 0.61 per cent or 230 points to close at 37,559 and the NSE Nifty 50 Index declined 0.51 per cent or 58 points to settle at 11,302."Correction seems to be over and a good bounce back in the Nifty can be expected", Sumeet Bagadia, associate director at Choice Broking told TheIndianSubcontinent.If Nifty moves above 11,350-11,370 then it can go up to 11,500 and 11700 levels.
However, markets will remain volatile as election outcome is expected and any dip in the Nifty should be used as a buying opportunity, Mr Bagadia added.Meanwhile, in today's session thirteen of 19 sector gauges compiled by BSE ended lower led by the SP BSE Energy Index's 2.6 per cent decline.Telecom, metal, oil gas and power sector gauges also fell over 1 per cent each.On the flipside, SP BSE Information Technology Index was top gainer, up 0.4 per cent.Mid- and small-cap shares also witnessed buying interest as the SP BSE MidCap Index declined 0.2 per cent and the SP BSE SmallCap Index declined 04 per cent.Reliance Industries was top loser from the Nifty 50 basket of shares, the stock fell 3.56 per cent to Rs 1,253.
Bharat Petroleum, Coal India, Asian Paints, Kotak Mahindra Bank, NTPC and Bharti Airtel were also among the losers.On the other hand, Zee Entertainment, Yes Bank, Bajaj Finserv, Bajaj Finance, Hero MotoCorp, Indiabulls Housing Finance and Titan were among the gainers.Get the latest election news, live updates and election schedule for Lok Sabha Elections 2019 on TheIndianSubcontinent.com/elections.
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Election results will be out on May 23.