Market snaps 2-day gains, selling in banking, metal and IT
At close, the Sensex was down 426.85 points or 0.53% at 79,942.18, and the Nifty was down 126 points or 0.51% at 24,340.85.
The Indian stock market traded on a positive note on Thursday morning with the BSE Sensex gaining over 100 points.
The market rose after a flat opening on the back of gains in the index-heavyweight Reliance Industries.
At around 10.05 a.m., Sensex was trading at 56,065.82, higher by 121.61 points or 0.22 percent from its previous close of 55,944.21 points.
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It opened at 55,988.41 and has so far touched an intra-day high of 56,068.73 points or a low of 55,854.07 points.
The Nifty50 on the National Stock Exchange was trading at 16,673.55, higher by 38.90 points or 0.23 percent from its previous close.
Manish Hathiramani, technical analyst with Deen Dayal Investments said: “We are successfully trading above 16,600 which is an indication of strength. 16,800-16,850 is a potential target and a resistance zone too.
“Traders should look at this level to take profits from their positions and update stops. Intra-day falls can be used to accumulate long positions.”
The top gainers on the Sensex were Reliance Industries, HCL Technologies, and Bajaj Finserv, while the major losers were Bharti Airtel, Power Grid, and Maruti Suzuki India.
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