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Profit-taking intensifies on D-Street as auto, realty, pharma stocks take heavy pounding

03:49 PM Oct 20, 2021 | FPJ Web Desk

The benchmark indices extended its downward rally and were trading near day's low as heavy selling was seen in realty and metal stocks on October 20. At close, the Sensex was down 456.09 points or 0.74 percent at 61,259.96. The broader Nifty50 was down 152.20 points or 0.83 percent at 18,266.60. About 877 shares have advanced, 2351 shares declined, and 115 shares are unchanged.

Hindalco, Titan Company, HUL, BPCL and Bajaj Finserv were among the major Nifty losers. Gainers included Bharti Airtel, SBI, Tata Motors, IndusInd Bank and Axis Bank.

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Gaurav Udani, CEO & Founder, ThincRedBlu Securities, said, "Since the last two trading sessions Nifty has been making lower highs and lower lows, which indicates the correction in Nifty may continue for the next few trading sessions. Nifty closed at 18,280 , down by 130 points . Nifty may test 18,250 and 18,150 in the next few sessions. Traders in long position are advised to keep strict stoploss and book profits on every rise," he added.

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Mohit Nigam, Head - PMS, Hem Securities said, "The selloff was more significant in the broader market space where the SmallCap and MidCap index dropped over 2.5 per cent. Other than telecom, all other indices are in the negative zone. Among individual stocks, Jubilant Food Works plunged nearly 9 percent after the company's same-store-sales growth came in at 26.3 percent for the July-Sept quarter which was lower than street estimation. Indian Railway Catering and Tourism Corporation (IRCTC) slipped 18 percent intra-day, amid heavy volumes, falling over 30 percent in the past two trading days on account of profit booking amid buzz that the government is appointing a regulator for the rail sector.

"Benchmark indices witnessed sell-off for a second consecutive session. We believe the profit-booking which was witnessed today is healthy for the market and any significant dip is a good opportunity to accumulate quality stocks. Immediate support for Nifty 50 is 18,100," Nigam added.

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