Fund outflows dent indices; power stocks down (Ld)

Persistent selling pressure from FIIs as well as profit bookings subdued India’s key indices — S&P BSE Sensex and NSE Nifty50 — on Monday. This was the fourth consecutive session of losses for the market.

Initially, the two indices opened gap down in line with other Asian markets, however, it later made a recovery only to cede its gains during the late trade session.

Besides, volumes on the NSE were below recent average.

Amongst sectoral indices, bank index was the sole gainer whereas power, oil & gas, metals and healthcare indices lost the most.

Consequently, Sensex closed at 57,683.59 points, down 0.26 per cent or 149.38 points, while Nifty ended at 17,206.65 points, down 0.40 per cent or 69.65 points.

“Nifty has formed lower tops – lower bottoms over the near term, though the day-on-day loss has not been large,” said Deepak Jasani, Head of Retail Research, HDFC Securities.

“Advance decline ratio continues to be deeply negative, 17,070-17,381 could be the band for the Nifty in the near term,” he said.

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