Taking Stock: Market falls for fourth straight session; metal, pharma gain
The market closed in the red for the fourth consecutive session on October 1 as weak global cues and losses in heavyweights pulled the benchmarks down.
At close, the Sensex was down 360.78 points, or 0.61 percent, at 58,765.58, while the Nifty was down 86.20 points, or 0.49 percent, at 17,532.
For the week, the Sensex lost 1,282.89 points (2.13 percent) to close at 58,765.58, while the Nifty50 fell 321.2 points (1.79 percent) to 17,532.
Despite favourable growth in India’s core sector output, which accelerated to 11.6 percent in August from 9.9 percent in July, domestic indices were in red, reflecting weak global cues and losses in heavyweights, Vinod Nair, Head of Research at Geojit Financial Services said.
“High Eurozone inflation at 3.4 percent in September, slowing global growth and the existing Chinese crisis bolstered global sell-off," Nair said.
The auto sector is hold-on despite weak sales, in anticipation of festival demand, as numbers from major manufacturers showed a fall in September sales, mainly due to semiconductor supply shortage"
Bajaj Finserv, Maruti Suzuki, Asian Paints, Bajaj Finance and Bharti Airtel were among the major losers on the Nifty. M&M, Coal India, IOC, Dr Reddy’s Laboratories and ONGC were among the gainers.
The broader market— BSE midcap and smallcap indices— remained unchanged.
Nifty metal, pharma, energy and PSU Bank indices rose 0.5 percent each, while the Nifty Bank and IT indices shed 0.5 percent each.
Stocks & sectors
On the BSE, the realty index fell 1.5 percent, while buying was seen in the metal, oil & gas and healthcare names.
Among individual stocks, a volume spike of more than 100 percent was seen in Cummins India and Bata India.
Long buildup was seen in TVS Motor, Trent and Bata India, while short buildup was seen in Cummins India, Gujarat Gas and SRF.
More than 200 stocks, including ONGC, Tejas Networks, Delta Corp, GMR Infra and Tata Power, hit a 52-week high on the BSE.
Technical View
The Nifty formed a bearish candle on the weekly scale but continued its sequence of higher lows of the last nine weeks.
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