INSUBCONTINENT EXCLUSIVE:
Share Market: The Sensex and Nifty fell for second straight session on Tuesday.The Indian equity benchmarks fell for second straight session
on Tuesday dragged by weakness in information technology, FMCG and financial services shares
The benchmarks staged a gap up opening however owing to weakness in heavyweights like HDFC, HDFC Bank, Infosys, HCL Technologies, TCS and
UltraTech Cement in noon deals, the benchmarks erased intraday gains
The Sensex fell over 1,000 points from the day's highest level and Nifty 50 index touched an intraday low of 14,207 after hitting an
intraday high of 14,527.The Sensex fell 0.51 per cent or 244 points to end at 47,706 and Nifty 50 index declined 63 points or 0.44 per cent
to close at 14,296."Nifty witnessed lack of momentum and stayed in the range between 14,200 to 14,500
Nifty is going through a sideways correction
It is prudent to wait for a decisive break out of the range and technical factors to improve before attempting to enter from a short to
medium-term perspective," Ashis Biswas, head of technical research at CapitalVia Global Research told TheIndianSubcontinent.Six of 11 sector
gauges compiled by the National Stock Exchange ended lower led by the Nifty IT index's 1.4 per cent decline
Nifty FMCG, Financial Services, Bank, Private Bank and PSU Bank indexes also ended with a negative bias.On the other hand, Nifty Pharma,
Auto, Metal, Realty and Media indices ended higherMid- and small-cap shares outperformed their larger peers as Nifty Midcap 100 index rose
0.3 per cent and Nifty Smallcap 100 index rose 1 per cent.UltraTech Cement was top Nifty loser, the stock fell 5 per cent to Rs 6,189
HCL Technologies, HDFC, Grasim Industries, Shree Cements, Tech Mahindra, Hindustan Unilever, HDFC Bank, Tata Motors, Eicher Motors, ITC,
Infosys, Asian Paints, UPl and Divi's Labs also fell between 1-3.4 per cent.On the flipside, Dr Reddy's Labs, Bajaj FInserv, HDFC Life,
Bajaj Finance, Tata Consumer Products, Mahindra - Mahindra, Maruti Suzuki, Bajaj Auto and Larsen - Toubro were among the gainers.The overall
market breadth was positive as 1,645 shares ended higher while 1,232 ended lower on the BSE.
