Sensex, Nifty Snap Three-Day Winning Streak As Autos, Banks Fall
The S&P BSE Sensex and NSE Nifty 50 Indexes halted their three day winning streak and ended lower as auto, telecom, Capital goods and banking sector shares came under selling pressure. The benchmarks opened on a weak note and extended losses weighed down by losses in bluechip stocks like HDFC Bank, Kotak Mahindra Bank, ICICI Bank, Larsen & Toubro and Maruti Suzuki. The Sensex fell as much as 327 points and Nifty 50 Index fell below important psychological level of 11,900.
The Sensex ended 0.48 per cent or 194 points lower at 39,757 and the NSE Nifty 50 Index dropped 0.5 per cent or 59 points to settle at 11,906.
Seventeen of 19 sector gauges compiled by BSE ended lower led by the S&P BSE Realty Index's nearly 2 per cent decline. Telecom, Auto, Capital Goods, Bankex, Power, Industrials, Healthcare and Finance sector gauges also declined between 0.7 and 1.6 per cent each.
On the other hand, S&P BSE Metal Index was top gainer, up 0.5 per cent.
Selling pressure in today's session was broad-based as the S&P BSE 500 Index dropped 0.56 per cent. Mid- and small-cap shares also witnessed selling pressure as the S&P BSE MidCap Index fell 0.8 per cent and the S&P BSE SmallCap Index fell 0.5 per cent.
Indiabulls Housing Finance was top loser in the Nifty 50 basket of shares, the stock fell 8 per cent to close at Rs 621.40. Yes Bank, Bharti Infratel, Tech Mahindra, Hero MotoCorp, Maruti Suzuki, IndusInd Bank, Bajaj Auto, Bharat Petroleum, Kotak Mahindra Bank and UPL were also among the losers.
On the flipside, Tata Steel, GAIL, ONGC, Vedanta, TCS, Britannia Industries, Hindustan Unilever and Sun Pharma were among the gainers.
The overall market breadth was negative as 1,489 shares ended lower while 1,026 closed higher on the BSE.