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Sensex Drops 659 Points as Auto and PSU Stocks Drag Market

Rajeshwari R by Rajeshwari R
May 13, 2024
in Business
Reading Time: 2 mins read
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Sensex Drops 659 Points as Auto and PSU Stocks Drag Market

Sensex Drops 659 Points as Auto and PSU Stocks Drag Market

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Mumbai: India’s benchmark indices experienced a nearly 1 percent decline on Monday, in line with a negative trend observed among Asian counterparts. At 10:00 a.m., the Sensex recorded a downturn of 659 points, equivalent to 0.93 percent, settling at 71,989 points, while the Nifty witnessed a decrease of 201 points, or 0.91 percent, resting at 21,854 points.

The Nifty small cap index recorded a decline of 335 points, marking a 2.08 percent decrease, and the Nifty mid cap index saw a reduction of 763 points, reflecting a 1.54 percent decrease, settling at 15,771 points and 48,769 points, respectively.

Among sectors, Nifty Auto exhibited the most significant decrease, experiencing a decline of 2.88 percent. The Nifty PSU Bank and Nifty Energy indices also recorded declines of 2.88 percent and 1.93 percent, respectively.

On the NSE, 1,282 shares were in the red, while 738 shares were in the green.

Regarding the Sensex, 29 out of 30 shares observed declines, with only one share marking an increase. Tata Motors, Tata Steel, JSW Steel, SBI, NTPC, and Power Grid were among the top losers, whereas Sun Pharma remained the sole gainer.

According to analysis provided by brokerage firm Prabhudas Lilladher, “Nifty witnessed a significant decline during the week, with the 22,000 zone currently being sustained, albeit with a cautious bias. The crucial support base remains at 21,750 levels. A decisive breach above the significant 50 EMA level of 22,230 is necessary to improve the bias and establish conviction for further rise.”

“Sensex has formed an INSIDE BAR PATTERN on the daily chart, and a decline below 72,300 will likely lead the index down to 71,500. Support for the day is anticipated at 72,000/21,900 levels, while resistance is expected at 73,100/22,200 levels.”

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