Market Closing Podcast on May 29, 2018

Moneycontrol News

Profit booking hits D-Street as Nifty50 witnessed selling pressure around 10,700 levels for the second consecutive day in a row on Tuesday. The S&P BSE Sensex slipped over 200 points to close below its crucial psychological support at 35,000.

The S&P BSE Sensex slipped 216 points or 0.61 percent to close at 34,949 while the S&P BSE Sensex ended 55 points lower at 10,633.

Benchmark indices snapped the three-day winning streak, dented by weak global cues and sharp fall in rupee. Banking & financials are the major losers that pulled the market lower in trade today.

“Banks underperformed grossly with losses of close to one and a half percent, FII s continue to be net sellers in trade for the month. Aurobindo Pharma, ICICI, and SBI were some of the worst performers of the session whereas M&M held up in trade today on the back of stellar results,” Nikhil Kamath, Co-Founder, Zerodha told Moneycontrol.

“Overall, we continue to remain muted on the market's overall and would believe the indices are still overbought at this juncture; we would advocate holding onto short positions at this point,” he said.

Sectorally, the S&P BSE Oil & Gas index rose 0.49 percent, followed by the S&P BSE Auto index which rose 0.43 percent, and the S&P BSE IT index which gained 0.34 percent.

On the losing front, S&P BSE Banking index slipped 1.6 percent, followed by the S&P BSE Healthcare index which dropped 0.8 percent, and the S&P BSE Consumer Durable index which slipped 0.7 percent.

The S&P BSE Midcap index dropped 0.44 percent, and the S&P BSE Smallcap index dropped 0.26 percent.

Top Sensex gainers include M&M (up 2.2 percent), Bharti Airtel (up 1.08 percent), TCS (up 0.54 percent), Hero MotoCorp (up 0.43 percent), and L&T (up 0.18 percent).

Top Sensex losers include SBI (down 2.7 percent), followed by IndusInd Bank (down 2.08 percent), Yes Bank (down 1.7 percent), and Asian Paints (down 1.5 percent).