The S-P BSE Sensex and NSE Nifty 50 Indexes declined after a day's breather in the previous session led by declines in HDFC, HDFC Bank, Maruti Suzuki, Larsen - Toubro, ITC, Bajaj Auto and Tata Motors.
The Sensex and Nifty opened lower tracking selling pressure which was visible across the sectors and the Sensex declined as much as 363 points and the Nifty 50 Index touched the intraday low of 11,152.40.
In Friday's session, Sensex and Nifty had snapped their six-day losing streak.The Sensex ended 0.52 per cent or 196 points to close at 37,686 and the NSE Nifty 50 Index dropped 0.84 per cent or 95 points to settle at 11,189."Nifty is likely to test 11,100-11,000 levels on the downside however I don't think these levels be taken out on the downside.
Nifty is likely to find support near these levels.
However, the bullishness will be confirmed after the index closes convincingly above 11,300.
Traders should buy above 11,300 and those who have taken short positions should hold their position for target of 11,100," Sumeet Bagadia, executive director at Choice Broking told TheIndianSubcontinent over phone.Seventeen of 19 sector gauges compiled by BSE ended lower led by the S-P BSE Auto Index's 3.6 per cent fall.Metal, Telecom, Industrials, Capital Goods, Industrials, Consumer Discretionary Goods - Services and Basic Materials Indexes also declined between 1 and 3 per cent each.On the other hand, S-P BSE Information Technology Index was top gainer, up 0.6 per cent.Mid- and small-cap shares also witnessed selling pressure as the S-P BSE MidCap and S-P BSE SmallCap Indexes declined 0.67 per cent and 1.03 per cent.Indiabulls Housing Finance was top loser in the Nifty 50 basket of shares, the stock declined 12 per cent to Rs 549.
Grasim Industries, Tata Motors, Vedanta, Bharti Infratel, Bajaj Auto, Eicher Motors, Maruti Suzuki, Zee Entertainment and UPL were alo among the losers.On the flipside, ICICI Bank rose 2.9 per cent to Rs 428 after it reported a net profit of Rs.
1,908.03 crore for the quarter ended June 30.
The private sector lender had reported a net loss of Rs.
119.55 crore for the corresponding three-month period a year ago.IndusInd Bank, HCL Technologies, Tata Consultancy Services, Infosys, State Bank of India and Tech Mahindra were among the notable gainers.Get Breaking news, live coverage, and Latest News from India and around the world on TheIndianSubcontinent.com.
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