Sensex drops 266 pts, Nifty holds 9,800; Auto stocks fall

Indian shares cut losses in late trade on short covering for a fourth consecutive session on Thursday, led by losses in financials and auto stocks.

The BSE Sensex Index was down 266.51 pts or 0.84% at 31531.33 and Nifty50 index fell 87.80 pts or 0.89% to 9,820.25. About 6 shares fell for every share advancing on the BSE.

The Nifty Auto index fell 2.2%, its biggest percentage loss in more than two months. Stocks of Eicher Motors, Tata Motors and Motherson Sumi Systems pulled the index down.

The stocks of Financial companies resumed their decline with the Nifty Bank index going down 0.5 percent and the Nifty PSU bank index losing 1.9 percent.

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Closing Bell: Markets end at fresh record closing high, Stock Tomorrow Tips

The Indian Stock Market ended at fresh record closing high. With the Nifty managed 10,050 mark for the day of first week on Monday ahead of the RBI’s third bi-monthly policy on 2 August where the Reserve Bank of India is expected to cut interest rates and the rally in SBI shares further pushed the indices higher. benchmark indices BSE Sensex closed at 32514.94, higher by 205.06 points or 00.63%. NSE Nifty-50 index closed at 9,427.90, higher by 62.60point or 0.63%. BSE Midcap Index closed up 0.39% at 15389.57 whereas, closed up by 0.14% at 16093.56. 

There were 786 advancing stocks, against 892 declinesand 291 unchanged stocks on NSE reflecting a negative undertone floating in the market

SBI was the Top Nifty gainer, while Sun Pharma was the major Nifty loser. Among other gainers, Power Grid Corp, ONGC, Larsen, and Bank of Baroda.ahead of the RBI’s third bi-monthly policy on 2 August where the Reserve Bank of India is expected to cut interest rates and the rally in SBI shares further pushed the indices higher. While other losers, Dr Reddys Labs, Idea Cellular, Lupin, and ITC.

Stock Tomorrow Tips

BUY HEG ABOVE 496.5 TARGETS 500.5 , 504.5 , 508.5 STOPLOSS 488.5

BUY JSLHISAR ABOVE 165 TARGETS 166.6 , 168.2 , 169.8 STOPLOSS 161.8

BUY DWARKESH ABOVE 514 TARGETS 519 , 524 , 529 STOPLOSS 504

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Nifty ended at 8407; Tomorrow's Experts Prediction

The end of the day on Thursday, Market has ended with the strong note, led by gains in IT and Power stocks. Nifty was holding 8400 and Sensex surges over 100 points. Sensex ended with the gains of 106 points or 0.39 percent at 27247.16. Nifty closed at 8407, up by 26.55 points or 0.32 percent. 

Stocks outlook for Tomorrow 

NIFTY

POINT OF VIEW

TREND: BULLISH TO CONSOLIDATE

RESISTANCE: 8420, 8470

SUPPORT: 8350, 8300

STRATEGY: BUY ON DIPS

BANK NIFTY

POINT OF VIEW

TREND: BULLISH TO CONSOLIDATE

RESISTANCE: 18970, 19110

SUPPORT: 18800, 18650

STRATEGY: BUY ON DIPS