Dr Reddy’s Gains 2.7% as Sensex Falls 548

The market closed lower today, reversing an early rally. The Sensex fell 547.65 points (0.76%) to 71,924.68, and the Nifty fell 157.10 points (0.70%) to 22,363.35. The Nifty opened at 22,593.20 and hit a high of 22,651.10 but slid to a low of 22,304.45. Selling in IT, FMCG and financial stocks drove the fall. Oil eased and the RBI’s steps to support the rupee gave some relief, but foreign outflows, higher bond yields and earnings worries kept investors cautious. 1)

was the top Nifty gainer, rising 2.71% to ₹1,229.40. I couldn’t find a specific news trigger, so the move looks like defensive buying on a weak day. 2)Bajaj Auto and Tata Motors Passenger Vehicles also did well. Bajaj Auto gained 2.62% to ₹10,034, and TMPV rose 1.63% to ₹284.45. BEL and BSE Ltd were also among the top gainers. 3)The biggest losers: Apollo Hospitals fell over 3%, with ITC, Tech Mahindra, L&T, Hindalco and HUL also among the worst. ITC’s drop follows its sharp bounce on Friday. 4)Breadth was weak on the Sensex. At midday only 5 of its 30 stocks were advancing, so the damage was spread across the large caps. 5)Broader markets held up better. Midcap and smallcap indices ended higher even as the headline indices fell.