Blood on street for sixth day in a row

livemint.com:

₹7,702.53 crore on Thursday; local institutions stepped in with purchases worth ₹6,658.45 crore, enabling the broader markets to recover from their intraday lows. With the indices falling below key levels, the investment strategy has shifted from ‘buy on dips’ to ‘sell on rise’, a market expert said. The decline in benchmark indices was led by heavyweight HDFC Bank, which neared its 52-week low.

During the day, the Nifty fell as low as 18,837.85 and the Sensex 63,092.98 before closing at 18,857.25 and 63,148.15. The indices broke below the psychological levels of 19,000 and 64,000 levels and supports of 18,887.60 and 63,583.07, increasing the bearish sentiment. The Nifty Midcap 150 recovered more than a percentage point from its intraday low to end 1.14% lower, while the Nifty Smallcap 250, which was down by as much as 3%, pared most of its losses to close just 0.48% lower.

However, this did little to lift the overall sentiment amid the expiry of the October series of derivatives contracts. The rollover data to ascertain whether shorts were carried forward to the November series was unavailable until press time. However, alongside cash, FPIs raised their net cumulative bearish bets on index futures (Nifty and Bank Nifty) by 59,740 contracts overnight to 152,060 contracts , a seven month high, anticipating weakness ahead.