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Market falls for the fifth straight session; Nifty finds support at 10,500

Market falls for the fifth straight session; Nifty finds support at 10,500

Market falls for the fifth straight session; Nifty finds support at 10,500
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By CNBC-TV18 May 22, 2018 7:28:05 AM IST (Updated)

The Indian market fell for the fifth session in a row as the outcome of the  Karnataka elections and rising fuel prices weigh on the market.

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Sensex slipped 232 points to 34,616 while the Nifty fell 80 points to 10,517. A fall in the midcap space across the board also kept market breadth in favour of declines.
NSE Advance-Decline ratio slipped to 1:4.2, meaning four stocks declined for every stock that rose. In the banking space, PSU banks showed some strength on the news of Bhushan Steel resolution money coming into the kitty while private banks were under pressure. The Nifty Bank fell 125 points to 25,751, with HDFC Bank, Kotak Mahindra Bank and YES BANK being top losers.
On the earnings front, Colgate Palmolive disappointed in the Q4 with volume growth coming in at 4% against the estimate of 5%.
Petronet LNG also, reported earnings below expectations.
In the futures market, major traction was seen in the Nifty 10,600 call. The Call option added 15 lakh shares in the open interest while premium slipped 43%. Among Put options, Nifty 10,500 Put added five lakh shares with premium moving up only 7%.
It means, there’s has been underwriting at 10,600 level while 10,500 sees a major support for Nifty.
On the global front, Asian markets closed moderately higher. Japan's Nikkei 225 edged up by 72 points to 23,002, crossing the 23,000 mark for the first time since February as the dollar firmed against the yen.
Japan's Topix dipped in and out of negative territory before finishing lower by 0.1%, with declines seen in insurers and steelmakers while machinery sector stocks climbed.
Over in South Korea, the Kospi reversed early losses, advancing 0.2% to close at 2,466. On the mainland, the Shanghai composite edged up 0.66% to 3,214 and the Shenzhen composite added 1.05% to end at 1,848.06. Logistics firms were given a boost as US-China trade concerns abated.
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