INSUBCONTINENT EXCLUSIVE:
The Indian equity benchmarks ended sharply lower on Friday mirroring losses in other global markets as double-whammy of worries about global
growth and an end to central bank support drove nervous investors toward safe assets
The Sensex fell as much as 615 points and Nifty 50 index touched an intraday low of 16,376.05
Tata Steel, Reliance Industries, Kotak Mahindra Bank, State Bank of India, Larsen - Toubro and ICICI Bank were among the top drags on the
Sensex.The Sensex fell 300 points to close at 55,329 and Nifty 50 index declined 118 points to end at 16,450."Nifty trimmed some of its
losses but managed to close below 16,500
From short-term perspective it will be crucial for Nifty to sustain above 16,500
Traders are advised to refrain from building new buying positions until we see further improvement in the market breadth
If Nifty is unable to sustain above 16,500 it can fall to 16,350," Ashis Biswas, head of technical research at CapitalVia Global Research
told TheIndianSubcontinent.Selling pressure was broad-based as all the 15 sector gauges, barring the measure of FMCG shares, ended lower led
by the Nifty Metal index's over 6 per cent decline
Nifty Realty, Healthcare, Private Bank, Oil - Gas, PSU Bank, Auto and Bank indexes also fell between 1.5-4 per cent.Mid- and small-cap
shares also faced selling pressure as Nifty Midcap 100 index dropped 2 per cent and Nifty Smallcap 100 index tumbled 2.2 per cent.CarTrade
Tech shares made a weak debut on stock markets
The shares of the multi-channel auto platform, CarTrade Tech, opened for trading at Rs 1,599.80 on the National Stock Exchange compared with
its issue price of Rs 1,618
The stock fell as much as 9 per cent to hit an intraday low of Rs 1.476.Shares of Ujjivan Small Finance Bank fell as much as 17 per cent to
hit fresh 52-week low of Rs 20.15 after its managing director and chief executive officer resigned from the bank.Tata Steel was top Nifty
loser, the stock dropped nearly 9 per cent to close at Rs 1,367
JSW Steel, Hindalco, UPL, Tata Motors, Adani Ports, State Bank of India, Dr Reddy's Labs, ONGC, Indian Oil, Sun Pharma and Hero MotoCorp
also fell between 2.6-7 per cent.On the flipside, Hindustan Unilever, Britannia Industries, Asian Paints, Nestle India, Bajaj Finance and
SBI Life were among the notable gainers.The overall market breadth was extremely negative as 2,445 shares ended lower while 750 closed
