Mumbai, December 2: Indian stock markets closed in the red during Tuesday’s trading session. At the end of trading, the Sensex was down 503.63 points or 0.59 percent at 85,138.27, while the Nifty fell 143.55 points or 0.55 percent to close at 26,032.20.
Financial and defense stocks put pressure on the markets. The Nifty Financial Services Index closed down 0.90 percent and the Nifty India Defense Index fell 0.83 percent. Additionally, Nifty PSU Bank, Nifty FMCG, Nifty Metal, Nifty Realty, Nifty Energy and Nifty Infra were also trading in the red. Among major indices, only Nifty Pharma closed in the green.
Weakness was seen in midcap and smallcap stocks along with largecaps. The Nifty Midcap 100 Index was down 132.95 points or 0.22 percent at 60,910.45, while the Nifty Smallcap 100 Index fell 98.25 points or 0.55 percent to 17,776.45.
In the Sensex pack, Asian Paints, Maruti Suzuki, Bharti Airtel, Bajaj Finance, HUL, NTPC, Tech Mahindra, Trent and Titan were gainers. Axis Bank, HDFC Bank, ICICI Bank, BEL, L&T, Bajaj Finserv and ITC were losers.
Sudip Shah, Head of Technical and Derivatives Research at SBI Securities, said that Nifty opened with a decline and later failed to sustain the 26,150 level. This shows there is no buying at lower levels in the market.
He said that currently the 25,980 to 25,950 level is the support zone for Nifty, while the 26,140 to 26,160 zone is the resistance level. If Nifty crosses above this level, it can go up to the 26,300 level.
Indian stock markets had opened in the red. At 9:36 AM, Sensex was trading at 85,393.57 level after falling 248.33 points or 0.29 percent. Nifty was at 26,113.20 level after declining 62.55 points or 0.24 percent.
Source: Daily Kiran
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