- Yes Bank became the top loser in both the Nifty and Sensex pack after losing more than 10%
- Nifty Bank is witnessing profit booking
New Delhi, December 10, 2019: With investors choosing to book profits, Sensex dropped 247.55 points to end at 40,239.88 while Nifty closed below 11,900. Yes Bank was the biggest loser among Nifty stocks, shedding 10.4%, while Bajaj Finance was the top gainer, advancing 1.26%. Shares of PSU banks were the day's top laggards with their Nifty index closing down 1.6%. The country's largest lender by assets State Bank of India was 1.11% lower at close.
The Nifty IT index ended 1.39% lower with India's second-most valuable company Tata Consultancy Services dropping by 2.15%.
Generic drugmaker Sun Pharma gained more than a percent after the U.S. Food and Drug Administration approved three generic versions of Swiss drugmaker Novartis AG's top-selling multiple sclerosis (MS) medicine Gilenya.
Manav Chopra, CMT, Head Research - Equity, Indiabulls Ventures Ltd, said after a Doji formation in earlier session, profit booking continues for the Nifty negating the Doji formation. "The near term support is placed at 11,800, however, the stronger important support zone is placed at 11,700 which may get tested however, the support zone is likely to hold in the near term," he said.
Rohit Singre, senior technical analyst at LKP Securities, said the index has formed a narrow range of 11800-12100 zone and traders can use buy on dip strategy near lower band of 11800 zone according to the reports published in livemint.com.
"Selling in domestic market accentuated today as investors turned more cautious over double whammy of inflationary pressure and weak growth. Another factor which is impacting market is the likelihood of maintenance of status quo on rates by both USFED and ECB. Given domestic premium valuation of key indices, market is highly susceptible for near term volatility."
Vinod Nair, Head of Research at Geojit Financial Services.
On Monday, data showed that Equity Mutual Fund (MF) schemes recorded worst inflow in three and a half years at 1,311 crore in November, 78 per cent lower as compared to October.
Foreign Portfolio Investors (FPIs) bought 459.22 crore worth of equities on Monday while its domestic counterparts also purchased scrips worth 75 crore.
Global stock markets fell Tuesday as investors looked ahead to a U.S. tariff deadline on Chinese imports and American and European interest rate decisions.
Markets also were watching for the outcome of Britain's snap election Thursday amid uncertainty over plans to leave the European Union.
Benchmarks in London and Frankfurt declined in early trading. Tokyo and Hong Kong declined while Shanghai closed higher after spending most of the day in negative territory.
Washington is due to impose new tariff hikes Sunday on $160 billion of Chinese goods in a fight over Beijing's technology ambitions and trade surplus.
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