Market Closing Podcast on June 27, 2018
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A selloff in auto, PSU banks, energy and infrastructure names dragged the market from its high points, while midcaps’ correction also added to D-Street’s woes.
The market has currently ended at the low point of the day, with the Sensex falling 400 points from the high point. The Nifty has ended below the 50-day moving average level of 10,685, shedding almost 1 percent in trade.
Selling pressure gripped the market ahead of expiry day of derivative contracts for June along with rising oil prices. They ended up being top index losers. Having said that, some support was seen on the side of largecap IT and pharmaceutical names, which ended in the green.
The 30-share BSE Sensex fell 272.93 points to 35,217.11 and the 50-share NSE Nifty declined 97.80 points to 10,671.40 while the Nifty Midcap index shed 277 points on weak market breadth. About four shares declined for every share rising on the BSE.
Reliance Industries, ICICI Bank, HPCL, BPCL, IOC, Bajaj Finance, L&T ITC and Bajaj Finserv are top contributors to the Nifty's loss.