Sensex Today: Indian shares on Tuesday reversed course to trade lower on losses in technology stocks, while airport service aggregator DreamFolks Services surged 68% in its market debut. In absolute terms, the 30-pack index settled 49 points lower at 59,197, while the 50-share index dipped 20 points to end at 17,656.
Bharti Airtel, NTPC, Apollo Hospitals, Cipla, SBI Life, RIL were the top gainers, rising over 1 per cent each. On the flipside, Tata Consumer Products, Bajaj twins, UPL, Britannia, Kotak Bank, and M&M were the laggards, down up to 2.4 per cent.
In the broader market, the BSE MidCap index edged 0.5 per cent higher, and the BSE SmallCap index adde 0.1 per cent. Shriram Transport Finance, Adani Power, Crompton Greaves Consumer Electricals, Tata Power, Rossell India, and GRM Ovrseas were some of the notable gainers in the space.
Among sectors, the Nifty Private Bank and FMCG indices were worst hit, down 0.5 per cent each. On the contrary, the Nifty Metal index climbed over 1 per cent.
Tirthankar Das, Technical & Derivative Analyst, Retail, Ashika Stock Broking Ltd., said: “On the technical front, Nifty formed a bullish candle on the daily chart however the chart structure has not witnessed any imperative changes and continues to remain rangebound. There are evidence of reversal pattern in weekly time frame hence in coming sessions, key thing to watch will be a faster retracement above August highs of 18,000 that will signal end of the ongoing corrective phase. Else, prolonged consolidation in 17,200-17,800 range is expected to continue. On the oscillator front, the 14-period RSI has witnessed a sell crossover and presently trading below the 60-level mark. Thus, one need to avoid trading aggressively amid global nervousness. Considering the present situation, a bare minimum correction of 38.6 per cent of the entire rally from 15,183 to 17,992 comes around 16,900 followed by 50 per cent correction at 16,600.”
“On the upside present setup indicates that Nifty can move towards 17,992 followed by 18,114 in the coming days with immediate support stands at 17,350 and Index need to sustain above the said level with some authority for the bulls to strengthen their stance. During the day index is likely to open on a flat note bit and is expected to trade in a range with positive bias, a sustainable buying could only emerge on the move above 17,800 levels,” Das said.
Global Cues
Asian shares rose on Tuesday morning after China pledged to make renewed efforts to boost its economy on Monday, while investors pinned hope on more clarity ahead of a number of central bank meetings.
Tokyo stocks opened lower on Tuesday in subdued trade, with few fresh market-moving events after a holiday for US bourses. The benchmark Nikkei 225 index was down 0.17 per cent, or 46.11 points, at 27,573.50 in early trade, while the broader Topix index was down 0.25 per cent, or 4.91 points, at 1,923.88.
Oil prices slipped early on Tuesday, paring the previous session’s 3 per cent gain, as an OPEC+ deal to cut output by 100,000 barrels per day in October was seen as a largely symbolic move to stem the market’s recent slide. Brent crude futures fell 33 cents, or 0.3 per cent, to $95.44 a barrel at 0054 GMT.
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