Indian markets snap six-day winning streak

The benchmark indices – NIFTY50 (-0.7%) and SENSEX (-0.5%) – closed lower, snapping a six-day winning streak. After trading flat for most part of the day, the markets witnessed heavy selling pressure in the last hour. Experts observe that Indian markets are facing resistance at higher levels amid weak global cues and profit booking.

The market breadth was weak today. Out of the NIFTY50 space, 37 stocks closed in the red. Weakness in Infosys, HDFC Bank and Larsen and Toubro dragged down the markets.

India VIX, which is a measure of volatility in Indian markets, was down around 1% today. The broader markets also closed in the red. NIFTY Smallcap 100 and NIFTY Midcap 100 closed 1% and 1.2% lower today, respectively.

On the sectoral front, Media and IT were the top losers. On the other hand, Realty and PSU Bank were the top losers.

Meanwhile, Paytm continued on its recovery path, hitting 5% upper circuit for the third consecutive day. Union Bank of India shares soared amid plans to raise ₹3,000 crore through the qualified institutional placement route. Raymonds was among the top gainers from the NSE 500 universe as the company launched its first real estate project in Mumbai.