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The late selling pulled Nifty50 below its crucial support of 11,500, dragged by Reliance Industries, ICICI Bank, ITC, IOC and Tata Motors which fell 2-4 percent.
The BSE Sensex closed at 38,276.63, down 323.71 points and Nifty50 fell 100.35 points to 11,497.90.
However, Infosys, HUL, L&T, Wipro, ONGC and Titan Company bucked the trend, rising 1-2 percent.
The broader markets also caught in bear trap. The Nifty Midcap index lost 1.2 percent and Smallcap index fell 1 percent.
All sectoral indices closed in the red barring IT. Nifty Bank, Metal and Realty were prominent losers, falling over a percent each.
HEADLINES OF THE DAY
Piramal Enterprises Signs MoU with Canada Pension Plan Investment Board :- Piramal Enterprises signed a Memorandum of Understanding with Canada Pension Plan Investment Board, a Canadian pension fund, to co-sponsor a renewable energy focused Infrastructure Investment Trust.
Escorts Q4 Profit Rises 8% to Rs 121 Cr :- Tractor maker Escorts has reported a 7.8 percent year-on-year growth in profit for quarter ended March 2019.
VIP Industries Q4 Profit Falls 28% :- Luggage and travel accessories maker VIP Industries reported a 28 percent year-on-year degrowth in March quarter profit due to weak operating performance.
Tata Motors April UK sales: JLR UK sales up 11.5% at 8,295 units, Jaguar UK sales up 8% at 2,607 units and Land Rover UK sales up 13% at 5,688 units, reported CNBC-TV18.
Yes Bank acquires 12.79% in CG Power: Yes Bank has acquired 8,00,50,000 equity shares of CG Power and Industrial Solutions having nominal value of Rs 2 per share, constituting 12.79% of the paid-up share capital via invocation of pledge of shares of CG Power.
RESULT TO BE ANNOUNCED TOM :- GILLETE INDIA , RAIN IND , SRTRANSFIN , TATA COM , TITAN .
The crucial resistance for Nifty spot is now seen at 10680 and above this 10920 Support for the immediate term is now placed at 10410 next support will be 10280.
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