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Top Nifty gainers were Eicher Motors, Maruti Suzuki, Power Grid Corporation, Nestle India and ONGC, while losers were Tata Steel, Tata Consumer Products, Tata Motors, Axis Bank and Cipla
“The overall chart pattern of Nifty is weak and one may expect further decline in the near term,” said Nagaraj Shetti, Senior Technical Research Analyst, HDFC Securities
SEBI’s warning about elevated valuations in the broader market has played a role in profit-booking, analysts say
Biggest losers on the Nifty included TCS, BPCL, Tata Consumer Products, Tata Consumer and Nestle India, while gainers were Bajaj Finance, Bajaj Auto, Kotak Mahindra Bank, Hindalco Industries and Bharti Airtel.
Indices trade weak amid selling in mid- and small-cap segments. Weakness was seen across all sectors with Nifty IT leading the losses amongst the sectoral indices.
The market is expected to be volatile in the near term as investors navigate valuations concerns in broader markets and await the US Fed#39;s policy outcome