A morning walk down Dalal Street | Bounce back can't be ruled out as Nifty looks oversold
Episode 1486, Jul 26, 2019, 01:30 AM
It was a volatile day as but bulls, as well as bears, tried to take control of D-Street on the July expiry day. The last one selling pressure dragged the Nifty50 in red for the sixth consecutive day in a row on Thursday.
Nifty fell about 5 percent in July series, its worst since October 2018. Nifty Midcap and Nifty Bank's fall in July series was also the biggest in 10 months.
The Nifty failed to hold on to 11,300 which it reclaimed in intraday trade while the S&P BSE Sensex took a U-turn after surpassing 38,000 in trade.
Markets remain volatile as traders rolled over bets from July series to August series while muted results from top Nifty names weighed on sentiment.
Nearly 500 stocks on the BSE hit their fresh 52-week low which includes names like Either Motors, Maruti Suzuki, Venkys, Bosch, Force Motors, Ajanta Pharma, CARE Ratings, IFB Industries, etc. among others.
The rupee depreciated by 6 paise to close at 69.04 against the US dollar on Thursday amid sustained foreign fund outflows and firm crude oil prices.