Equity market declines further; auto, metal stocks down
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The key Indian equity indices continued to decline on Friday with the BSE Sensex losing around 160 points.
Around 10.05 a.m., it was trading at 51,160.81, lower by 163.88 points or 0.32 per cent from its previous close of 51,324.69.
It opened at 51,238.02 and has so far touched an intra-day high of 51,295.59 and a low of 51,039.97 points.
The Nifty50 on the National Stock Exchange was trading at 15,069.10, lower by 49.85 points or 0.33 per cent from its previous close.
Manish Hathiramani, technical analyst with Deen Dayal Investments said: "The markets have opened below 15,100 which is a short-term support for the Nifty. For the markets to continue remaining bullish, we would need to close above 15,100."
"A break of this level on a closing basis would alert the bearish triggers of the market and it can drop to 14,800 and then 14,600," he added.
Selling pressure was witnessed in auto, metal and banking stocks.
Hindustan Unilever, Reliance Industries and IndusInd Bank were the top gainers on the Sensex so far, while the Power Grid, ICICI Bank and Bajaj Auto were the major losers.
