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Stock Market Highlights: Sensex falls 273 points, Nifty ends below 15,750; Pharma index plunges over 4%

Stock Market Highlights: Sensex falls 273 points, Nifty ends below 15,750; Pharma index plunges over 4%

Stock Market Highlights: Sensex falls 273 points, Nifty ends below 15,750; Pharma index plunges over 4%
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Summary

Stock Market Highlights: Indian equity benchmarks Sensex and Nifty ended lower Tuesday dragged sharp selling in pharma stocks amid weak global cues.  Broader indices, midcap and smallcap indices also closed lower each. Among NSE's sectoral indices, Nifty Pharma plunged the most over 4 percent followed by private banks, FMCG, realty, auto and IT indices, while Nifty Metal and Nifty PSU Bank closed in the green.

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Jul 27, 2021 4:34 PM

Deepak Jasani, Head of Retail Research, HDFC Securities

Indian benchmark equity indices once again failed to hold on to gains on July 27 as Asian markets came under pressure after China continued crackdown on its internet businesses Nifty has formed a bearish Engulfing Top like pattern. It has repeatedly failed to cross the 15,962 level. With the US Fed meet and F&O expiry over the next two days, we could see heightened volatility in the markets. 15,632-15,824 could be the band for the Nifty over the next 1-2 sessions.

Jul 27, 2021 4:34 PM

Ajit Mishra, VP - Research, Religare Broking

Markets traded volatile for yet another session and lost nearly half a percent. The tussle is still on over the next directional move in the index and there’s no clear indication yet. Excessive volatility due to prevailing earnings season and upcoming monthly expiry of derivatives contracts are further adding to the participants’ worries. We reiterate our view to restrict leveraged positions and wait for clarity.

Jul 27, 2021 4:23 PM

Shrikant Chouhan, Executive Vice President, Equity Technical Research, Kotak Securities

For the third consecutive day, Nifty failed to surpass the levels of 15,900, which has triggered tired bull liquidation below the levels of 15,750. During the day, Nifty fell to 15,700 levels, where it has the support of huge Put writing. The market was down mainly due to consistent and aggressive selling from FIIs in the Asian markets. Today, due to steep weakness in Dr Reddy, we saw massive liquidation in other pharmaceutical companies. The Nifty Pharma index fell more than four per cent during the day, which is the biggest intraday fall after the month of December 2020. The Nifty Metal index closed in the positive territory for the fourth consecutive day. The setup of the market is range bound and as we are approaching the supports of the lower boundary 15,650-15,600, we need to be stock specific. On the higher side, 15,810/52,750 and 15,900/53,100 would be resistance levels.

Jul 27, 2021 4:22 PM

Manish Shah, Founder, www.Niftytriggers.com

Nifty continues to trade in a band of 15,950-15,650 and this band is in force for the last six weeks. The balance of power has not shifted in favour of either bulls or bears. In a range-bound market, the strategy is simple. One buys at the support and sells at the resistance. Nifty is almost in a perfect range of 15,600-15,950. If Nifty drops towards 15,650-15,600 we should wait for some reversal signals to go on the long side for a capped upside of 15,900-15,950. A rising 50 period moving average is at 15,650 and also at the support of the rising trendline. Thus 15,600- 15,650 is a very good support zone. With just three days for the July 2021 contract to expire Nifty may not trade above 15,950 and below 15,650. Expect the grind to continue for some more time.

Jul 27, 2021 4:21 PM

Nagaraj Shetti, Technical Research Analyst, HDFC Securities

The weakness with choppy trend continued in the Nifty and still there is no respite for bulls at the lows. The chart pattern of daily and weekly signal a possibility of an upside bounce in the market from the lows of around 15,650-15,680 levels in the next 1-2 sessions. On the higher side 15,900 remains an overhead hurdle for the near term.

Jul 27, 2021 4:18 PM

Sumeet Bagadia, Executive Director, Choice Broking

The benchmark index wiped out its early gains and traded lower throughout the day. Finally, the Nifty50 closed at 15,743.10 levels with a loss of 81 points while Banknifty ended at 34,794.70 levels with half a percent fall. Technically, on the daily chart, the nifty50 index has formed a long bearish candlestick and closed below the prior two days of lows. However, there is good support at around 15,650 levels, which is a 50-days SMA support. Overall, the Nifty index is struggling in a range of 15,700-15,900 and either side breakout will decide the further direction. At present, Nifty is finding resistance around 15,900 levels while on the downside, support is intact at 15,600 levels.

Jul 27, 2021 4:17 PM
Here are key stocks that moved the most on July 27
Among NSE's sectoral indices, Nifty Pharma plunged the most over 4 percent followed by private banks, FMCG, realty, auto and IT indices, while Nifty Metal and Nifty PSU Bank closed in the green.
Stock Market Highlights: Sensex falls 273 points, Nifty ends below 15,750; Pharma index plunges over 4%
Jul 27, 2021 4:16 PM

Mohit Nigam, Head, PMS - Hem Securities

Indian Benchmark saw a sudden sell-off with Sensex falling more than 300 points and VIX spikes to 8 percent. The Hang Seng Index sank 4.2 percent as speculation swirled that US funds are offloading China and Hong Kong assets. The mid-small-cap segment is witnessing high volatility in response to results. Most sectoral indices were in the negative zone with pharma being the worst hit and Dr Reddy's Lab shares dropped 10 percent after its Q1 report disappointed the market. Immediate support and resistance for Nifty50 are 15,600 and 16,200 respectively.

Jul 27, 2021 4:03 PM

Abhishek Chinchalkar, CMT Charterholder and Head of Education, FYERS

For the umpteenth time, Nifty has yet again faced a strong headwind on approaches near 15,900. The benchmark index has given up all of its early session gains to turn red, weighed by profit-booking across sectors, most notably among the pharma stocks. A strong sell-off among Chinese and Hong Kong markets have also added to woes. Meanwhile, metals and PSU banks are the only sectors that are trading noticeably in green at present.

Currently, Nifty remains in a consolidation mode between 15,500-15,400 on the downside and 15,900-16,000 on the upside. Until we get a decisive move out of this band, one should avoid building directional trades in the index and instead prefer a stock-specific long/short approach. Having said that, with the Federal Reserve meeting scheduled tomorrow and the monthly F&O expiry on Thursday, it would be advisable to trade on a lighter note, as we could see a pickup in volatility over the next two sessions.

Jul 27, 2021 3:54 PM

Rupee At Close | The Indian rupee ended marginally lower at 74.46 per dollar amid selling in the domestic equity market. The local currency opened at 74.36 per dollar against the previous close of 74.42 and traded in the range of 74.35-74.54.

Jul 27, 2021 3:53 PM

Market At Close | Market closes lower after a range-bound trading session; Pharma top losers.

Jul 27, 2021 3:50 PM

Ashis Biswas, Head of Technical Research at CapitalVia Global Research

The market witnessed a correction after a failed attempt to hold the support level around the Nifty 50 Index level of 15,800. The market suggests, 15,700 will be an important support level from a short-term perspective. Sustaining above 15,680-15,700 levels, the market expects to bounce back, and trade in the range of 15,680-15,900. The technical indicator suggests, a volatile movement in the market in the range of 15,680-15,900.

Jul 27, 2021 3:41 PM

Market At Close | Here are the highlights of today’s trading session

- Market Closes Lower After A Range-bound Trading Session; Pharma Top Losers

- Sensex Falls 274 Points To 52,579 & Nifty 78 Points To 15,746

- Midcap Index Slips 119 Points To 27,455 & Nifty Bank 152 Points To 34,797

- Pharma Stocks Slip Led By Dr Reddy’s & Alembic Pharma On Weak Q1 Earnings

- Dr Reddy’s Falls Over 10% To Record The Biggest One-day Fall In Last 5 Years

- Alembic Pharma Slips More Than 11% After Company Withdraws FY22 Guidance

- Nifty Pharma Falls 4% With All Its Constituents Closing In The Red

- Metal Stocks Rise Following Rpts Of China Mulling Export Tariffs Of 10-25% On Steel

- Nifty Metal Rises Over 1%; Hindalco, Nalco, JSPL & Tata Steel Top Gainers

- Bajaj Finserv Continues The Gaining Momentum With Stock Up 5% In Last 2 Sessions

- Reliance Fails To Hold 100-DMA Of 2,067, Ends At A 2-month Closing Low

- Manappuram Fin, Pfizer, Jubilant Food, Trent, AB Fashion Top Midcap Gainers

- Ramco Cements Closes 6% In The Red After Lower-than-expected Q; Stock Down 6%

- REC, Granules, PFC, CONCOR, Indiabulls Hsg, Guj Gas Amongst Top Midcap Losers

- Zomato Snaps 3-day Gaining Streak, Closes 8% Lower

- Market Breadth Favours Declines; Advance-Decline Ratio At 3:4

Jul 27, 2021 3:37 PM

Closing Bell | The Indian equity benchmark indices ended lower Tuesday dragged selling in pharma and private banking stocks amid weak global cues. The Sensex fell 273.51 points, or 0.52 percent, to 52,578.76, while the Nifty closed 78.00 points, or 0.49 percent, lower at 15,746.45. Broader indices, midcap and smallcap indices also closed lower each. Sell-off in Asian markets dented sentiment.

Among NSE's sectoral indices, Nifty Pharma plunged the most over 4 percent followed by private banks, FMCG, realty, auto and IT indices, while Nifty Metal and Nifty PSU Bank closed in the green. Dr Reddy’s Laboratories, Cipla, Axis Bank, Adani Ports & SEZ and Divi’s Laboratories were the top Nifty50 losers, while Hindalco Industries, SBI Life Insurance, Tata Steel, Bajaj Finserv and SBI were the top index gainers.

Jul 27, 2021 3:36 PM