Market to move within tight range

The market ended in the red for second straight session as frontline stocks like ONGC, SBI and Reliance Industries came under heavy selling pressure. Investors turned cautious over global uncertainties like US-China trade talks and global growth slowdown.

The Sensex fell 151.45 points or 0.41 per cent to settle at 36,395.03, while the Nifty 50 fell 54.80 points or 0.50 per cent to settle at 10,888.80. The market breadth was weak as 835 shares rose and 1714 shares fell. Selling was heavy in the broader market with the Mid-Cap and Small Cap indices falling 1.47 per cent and 1.51 per cent, respectively.

Mahindra & Mahindra

(5.31 per cent), ONGC

(3.14 per cent)), Bajaj Finance (1.92 per cent), State Bank of India (1.84 per cent), Reliance Ind

(1.8 per cent) and Hero MotoCorp (1.68 percent) were the major losers.

Major gainers includes Tata Steel (2.31 per cent), Power Grid Corporation of India (1.36 per cent), HCL Technologies (0.95 per cent), Tata Motors

(0.76 per cent), Kotak Mahindra Bank (0.71 per cent) and IndusInd Bank

(0.62 per cent) Sectors like healthcare, capital goods, and energy were in the red.

Analysts are expecting the market to remain range bound with a downward bias.

Technical View