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Sensex, Nifty plunge on weak Asian market cues; realty, metal, auto stocks lead fall

03:59 PM Oct 06, 2021 | FPJ Web Desk

The benchmark indices were in the red at end of trading session on October 6. At close, the Sensex was down 555.15 points or 0.93 percent at 59,189.73. The broader Nifty was down 176.30 points or 0.99 percent at 17,646. About 1291 shares have advanced, 1754 shares declined, and 115 shares are unchanged.

Hindalco Industries, SBI Life Insurance, IndusInd Bank, JSW Steel and Tata Steel were among the major losers on the Nifty. Tata Consumer Products, ONGC, UPL, Britannia Industries and HDFC Bank were among major gainers.

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Gaurav Udani, CEO & Founder, ThincRedBlu Securities said, "After making a high of 17,884 , Nifty closed negative at 17,646 down by 176 points. Such movements around the all-time high is not a good sign for traders in long positions. If Nifty is not able to close above 17,950 levels in the next few trading sessions, it may correct to its support range of 17,480-17,520," he said.

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Sahaj Agrawal, Head of Research- Derivatives at Kotak Securities, said, "Nifty50 continues to remain in a medium-term uptrend – we expect 18,500 to be conquered going ahead. There is immediate support for the index at 17,640 while 18,000/18,200 is expected on the higher side. Metals are showing early signs of reversal, while the NBFC space is expected to remain in action. Midcap also remains in momentum with outperformance expected to continue."

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