Share market slips, snaps three day gaining streak; Sensex and Nifty in the red

The Share Market extended losses on Tuesday as it snapped three days rally. The market ended lower today as losses in heavyweights weighed while broader indices ended higher.

Share Market Closing

The benchmark indices Sensex and Nifty slipped almost 0.5% each on the close. The Nifty lost 76 points or 0.34% to close at 22,020 while the Sensex ended at 72,474 points, down 358 points or 0.49%.

The fall in heavyweights including HDFC Bank and Kotak Bank has kept the Nifty Bank under pressure.

"On the hourly chart, it appears that the Index is forming an inverted head & shoulder formation where a level of 22,200 will be considered as a breakout point (neckline), and in that case, the target is 22,640, said Aditya Gaggar, director of Progressive Shares.

Also Read: Tata Motors shares surge as CLSA sets bullish target price of ₹1,133 a share

The gainers of the day include Larsen & Toubro Ltd., Bajaj Finance Ltd., NTPC Ltd., Axis Bank Ltd., and Hindalco Industries Ltd while the losers include HDFC Bank Ltd., Reliance Industries Ltd., ICICI Bank Ltd., Infosys Ltd., and Bharti Airtel Ltd.

The S&P BSE Midcap ended 0.71% higher, and the S&P BSE Smallcap ended 0.11% lower. On BSE, six sectors declined, and 14 sectors advanced. Overall, around 2,538 stocks declined, around 1,422 stocks advanced, and 140 remained unchanged on BSE indicating market breadth in favour of sellers