The markets ended weak on the back of profit booking across the board with the benchmark index slipping 204 points by close to 17,230 levels. It had slipped to 17,136 in intra-day deals.
In broader markets, the Nifty is closed the session at 5,105 levels, down 53 points.
“Technically, Nifty future has a strong resistance in the 5,190 region and must sustain above that level decisively on closing basis to negate any bearishness. Its immediate support is around 5,100 levels” said a technical analyst with Religare Securities.
Oil extended its rally past $127 a barrel on 20 May, driven by renewed fears of supply disruption and OPEC’s reluctance to raise output at its next meeting in September.
Back home, Jaiprakash Associates was the biggest loser among the BSE 30 scrips. It slipped 5.2% by close of trade. BHEL, Cipla, DLF Limited, Mahindra & Mahindra, Reliance Infra and ONGC also ended in negative turf.
Among sectoral indices, the BSE PSU index was the worst hit that slipped around 2%. Rashtriya Chemicals and Fertilizers, GAIL India, MRPL, MMTC Limited, NALCO, Engineers India and IDBI Limited lost ground besides BHEL.
Selling was also visible in realty counters. Phoenix Mills at Rs375 levels was the top loser in this pack that shed 5.2%. DLF Limited, Indiabulls Real Estate, Mahindra Life, Ansal Infra and Peninsula Land also ended weak.
Most banking counters also ended the day in negative turf. State Bank of India, Yes Bank, Kotak Mahindra Bank, HDFC Bank, ICICI Bank, Bank of India and Axis Bank witnessed heavy sell-off.