New Delhi: The markets ended weak after a choppy session with the benchmark index settling 78 points lower at 14,646 levels. The Sensex moved in a broad range of 14,602 – 14,824 levels in intra-day deals.
Similarly, the 50-issue NSE index is closed 38 points lower at 4,393 levels.
“Nifty has closed below the crucial support level of 4,400 and is expected to trade sideways to negative for another few days before giving a major sell-off,” said Alex Mathew, Head, Research Centre, Geojit Financial Services Limited.
“The major technical indicators are showing that further weakness will continue. If Nifty does not break above 4,616 levels, it may fall towards 4,362 and 4,201 levels,” he added.
Leading the pack of loses among the BSE-30 scrips were Hindalco and Grasim Industries. They lost over 4% each by close. ACC, Mahindra and Mahindra, Ranbaxy, NTPC and Sterlite Industries were the other key losers besides Reliance Industries and Tata Steel.
Among sectoral indices, the BSE oil and gas index was the biggest loser, shedding nearly 2%. GAIL India (down 5.6%), HPCL (3.6%), Reliance Petroleum (3.2%), RNRL (2.7%), Aban Offshore (2.4%) and BPCL (2.3%) were the top losers in this space.