Volatile Nifty trades lower; tech, oil & gas stocks down

Volatile Nifty trades lower; tech, oil & gas stocks down

Golden Investment Research Private Limited

The volatile market was trading moderately lower with index heavyweights Infosys and Reliance Industries feeling most of the selling pressure. Other biggies like L&T, ONGC, Bharti, TCS and SBI too were down. 

Hindalco retained its top position in the sell list of investors by falling more than 6% ahead of Q3 results. The Sensex was down 83 points to 17,624.23 and the NSE Nifty fell 26 points to 5,342.40.

The market has been in a consolidation mode since the beginning of week. NSE Nifty consolidates in the 5,300-5,400 region or see a correction to about 5,200-5,250.

Technology majors TCS, Infosys and Wipro were down 0.7-1.3%. Index heavyweights Reliance, ONGC, Bharti and L&T fell 0.7-1.5%. Shares of country's largest lenders SBI and ICICI Bank dropped just 0.4%.

However, HDFC Bank, Jindal Steel, Bajaj Auto, NTPC, BHEL, HUL and Cipla gained 0.5-1.4%.The market breadth was positive; about 1266 shares advanced while 782 shares declined on the BSE.

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