The 30-share index BSE Sensex saw heavy selling action in proportion to other Asian peers on fears of a slowing worldwide economic system, eurozone and India's Q4 gross domestic product facts declared yesterday.
All sectoral indices, excepting FMCG, were ruling in the negative terrain.
Technology, power and oil & gas sectors topped the declining charts.
At 11:55 a. m., the Sensex lost 143.19 points to rule at 16,075.34 after hitting an intra-day high of 16,226.19 and an intra-day low of 16,056.86.
In contrast, the broad-based Nifty remained down by 46.60 points to trade at 4,877.65 after touching an intra-day high of 4,925 and an intra-day low of 4,871.50.
As per Aditya Birla Money report, "On hourly charts, RSI (14) is turning up towards the equilibrium while the MACD (12/26/9) is still below its signal line, indicating that a near-term trend is still down. Hence, on any further rise, the index is likely to face stiff resistance in the region of 4,949/4,970 and turn lower towards the support level of 4,888 and even 4,830 in the coming 1-2 sessions.”
“Overall, the aforesaid oscillators are regaining momentum on daily charts indicating that a notable bottom is in place at recent lows. Prices are likely trade firm towards 5,020 after witnessing the expected price action. Only a move above 4,982 will continue to keep sentiment positive, negating the expected weakness," the report added.
The BSE Midcap Index dropped 0.68% whereas the BSE Smallcap Index remained down by 0.14%.
Among sectoral indices, the BSE IT Index shed 1.91%, the BSE Power Index dropped 1.44%, the BSE Oil & Gas Index fell 1.44% and the BSE Capital Goods Index remained down by 1.16%.
The only gainer BSE FMCG Index added up 0.30%.
The key Sensex losers list consisted of Jindal Steel, Wipro, Infosys, TCS and RIL.
The major Sensex gainers included ITC, Hindalco, Tata Steel, ICICI Bank and Coal India.
In the meantime, the Indian currency toughened as compared to the US currency.
Oil rates continued to decline following fears of decelerating worldwide demand.
Brent crude stood at $101.72 a barrel after losing 15 cents versus its last close.
Asian bourses also remained in the negative.
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