Late selling drags Sensex, Nifty down on rangebound day

  • Late selling drags Sensex, Nifty down on rangebound day

Late selling drags Sensex, Nifty down on rangebound day

The market closed in the red for the first time after a four-day streak.

Concerns about foreign capital flying out remained.

A monthly PMI survey showed that the manufacturing activity expanded in September for the second month in a row, at 51.2, driven up by increase in output and new orders. The Nikkei India Services PMI stood at 50.7 in September - from 47.5 in August - a reading that pointed to a slight pace of expansion.

Collectively these three stocks alone washed off about 69 points out of the 80-points slump in the 30-share barometer Sensex while that of HDFC Bank and Reliance Industries managed to offset some loss. It hit a low of 31,562.25 before settling down 79.68 points, or 0.25 per cent, at 31,592.03.

The index, which rose 174 points yesterday after the Reserve Bank chose to hold rates in line with expectations, had gained 512 points in the previous four sessions. This has led to unabated buying by domestic financial institutions, which added to the positive mood.

The outcome of tomorrow's GST Council meeting is also seen to decide the direction of the market in the short run.

PowerGrid lost 1.17 per cent while SBI, ICICI Bank and HUL took a hit of up to 1.07 per cent.

NTPC, Coal India, M&M and RIL made headway, limiting the damage.

MSCI's broadest index of Asia-Pacific shares outside Japan was nearly flat while Japan's Nikkei ticked up 0.1 per cent. Both the benchmark indices witnessed a boring trade today as stock markets in Hong Kong, China, and South Korea were closed for holidays.

"Markets ended the session flat for the day with nifty closing under 9900 again, there is significant resistance around the 9950 levels and support seems to be coming in around the 9750 level".

Overseas, European stocks were mixed.