BackSensex snaps 7-day winning run, ends moderately lower
Nifty is facing resistance near 11,950-12,000 mark: AnalystKotak Mahindra Bank, M&M, Tata Steel, Infosys, Sun Pharma and IndusInd Bank declined between 1% and 2.4%
PremiumIndian markets ended moderately lower today, snapping a seven-day winning run. The Sensex ended 53 points lower at 40,248 while Nifty settled 0.2% lower at 11,917. Yes Bank settled 3.5% higher at ₹68.35 to be the top gainer among the Sensex stocks.
Ace investor Rakesh Jhunjhunwala on Monday bought nearly 1.3 crore shares of Yes Bank, amounting to 0.5% stake of the private lender, for around ₹87 crore through open market transactions.
Some market participants expect Indian markets to consolidate in the near term after the record-setting rally that has seen Sensex hitting new highs.
"Nifty again took resistance near 12,000 zone for third consecutive session. Now index has good support near 11850-11800 zone any break below 11850 zone can see some more cuts in index and immediate resistance is coming near 11,950-12.000 mark. Bulls will get active again if index manages to breach 12,000 zone," says Rohit Singre, Senior Technical Analyst at LKP Securities.
Shrikant Chouhan, senior vice-president at equity technical research at Kotak Securities, said: "The market has taken a breather. Excitement is missing in the market as majority of the index participants have already declared their Q2 numbers and now traders will wait for either domestic developments or global development on the trade tariff front. Technically, buying zone for the market is around 11,800."
Apart from Yes Bank, other top gainers in the Sensex pack include Bajaj Finance (2.7%), Bharti Airtel (1.6%), SBI 1.6%, Bajaj Auto 1.4% and ITC 1%.
Among the losers, Kotak Mahindra Bank, M&M, Tata Steel, Infosys, Sun Pharma and IndusInd Bank declined between 1% and 2.4%.
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