NEW DELHI: Renewed trade tensions between the US and China, sustained selling by foreign portfolio investors and losses in frontline heavyweights like Reliance Industries, HDFC twins and ITC caused domestic market settle in the red on Tuesday.Equity benchmark Sensex fell 176 points, or 0.52 per cent, to settle at 33,891, while Nifty finished at 10,198, down 52 points, or 0.51 per cent.Who dragged my SensexIndusInd Bank, Coal India, RIL, Sun Pharma, PowerGrid and ITC emerged as the top losers in the Sensex pack in that order.
However, Infosys, HUL, SBI, TCS, Tata Motors and LT held up.
Outside of the index, Symphony (down 7.23 per cent), Kwality (down 4.95 per cent), Chennai Petroleum Corporation (down 4.73 per cent), Meghmani Organics (down 4.65 per cent) and KRBL (down 4.16 per cent) were the top five losers on BSE.Midcaps, smallcaps outperform SensexBSE Midcap and Smallcap indices extended rally into a second consecutive session.
Outperforming the Sensex, the midcap index settled 0.91 per cent higher at 14,387, while the smallcap index climbed 0.94 per cent to 14,008.
DHFL, Motilal Oswal Financial Services, Union Bank of India and Canara Bank were among the top midcap gainers, while Usha Martin, Thangamayil Jewellery, Bank of Maharashtra and Dhanlaxmi Bank were top gainers in the smallcap space.
Sugar stocks settled mixedSugar stocks settled mixed after witnessing decent traction during the day on reports of a drop in production.
Industry body ISMA said sugar output may fall 3 per cent to 31.5 million tonnes (mt) in this marketing year due to untimely rains and pest attacks on cane crop.
The news raised speculation that a drop in production and steady demand may keep sugar prices stable.
Dhampur Sugar Mills (up 6.39 per cent), Sir Shadi Lal Enterprises (up 4.88 per cent), Piccadily Agro Industries (up 4.17 per cent), Magadh Sugar (up 3.36 per cent) and Dalmia Bharat Sugar Industries (up 2.24 per cent) were top gainers while Mawana Sugars (down 4.94 per cent), Kesar Enterprise (down 4.89 per cent), Empee Sugars Chemicals (down 4.82 per cent), Gayatri Sugars (down 4.39 per cent) and Dhampure Specialty Sugars (down 3.32 per cent) moved against the wind to settle in the red.
Technical charts positive on SBISBI shares closed 1.90 per cent up at Rs 273.15 on BSE.
As per Reuters, the Wave Pattern suggested the Three Wave correction that started on August 10 and completed, and the stock is now in the initial wave of a Five Wave uptrend.
In the near term, the stock may face resistance at Rs 283.3 and Rs 294.4 levels, which are the 38.2 per cent and 50 per cent projection levels.
Momentum indicator MACD showed bullish crossover on the stock on BSE.SBI, PVR, Just Dial move above 200-DMASBI, PVR, Just Dial, VIP Industries, V-Mart Retail, Ruchi Infrastructure, United Breweries and Bosch witnessed positive breakouts and traded above their 200-DMAs.
On the flip side, Coal India, Aarti Drugs, MM Forgings, NRB Industrial and Hindustan Oil Exploration Company moved below their 200-DMAs.140 stocks hit 52-week lowsAs many as 137 stocks touched 52-week lows on BSE.
Among them were Adani Ports, Asahi India Glass, BASF India, Bharat Financial Inclusion, CESC, Emami, IndusInd Bank, Kwality and Navkar Corporation.
Meanwhile, Divi's Laboratories, Gogia Capital Services, Grandeur Products, Innovative Ideals and Services (India), Kilitch Drugs (India) and Coastal Corporation were among the 29 stocks that touched 52-week highs on BSE.MACD bullish on 166 stocksWipro, Jaiprakash Power Ventures, Indiabulls Housing Finance, Jindal Steel Power, Just Dial, India Cements, Usha Martin and Ruchi Soya Industries were among the 166 stocks that showed bullish crossovers on BSE, as per the momentum indicator moving average convergence divergence, or MACD.CESC, MCX, Symphony, Aditya Birla Money, HSIL, Whirlpool of India, Eveready Industries and Aayush Food Herbs were among 44 stocks that showed bearish crossovers.Overbought oversold stocksThe Relative Strength Indicator or RSI showed some 60 stocks, including Kwality, MVL, Assam Company, Dhanvarsha Finvest, Esaar, Amforge, Geetanjali Credit, Mega Corporation and Divinus Fabrics, have entered the oversold zone on BSE.
On the other hand, GBL Industries, Orient Tradelink, Mishtann Foods, Coastal Corporation, Grandeur Products, Apoorva Leasing and Sportking India were among 22 stocks that slipped into the overbought zone.Upper/lower circuitsSome 178 stocks hit upper circuits on BSE.
Among them were Edelweiss Financial Services, Manpasand Beverages, Usha Martin, Thangamayil Jewellery, Bank of Maharashtra, Jindal Worldwide, V-Mart Retail, Emami Infrastructure, Butterfly Gandhimathi Appliances, Excel Industries and Mangalam Organics.Kwality, Indiabulls Integrated Services, Pratiksha Chemicals, Sayaji Hotels, Shree Ganesh Biotech (India), Tiaan Ayurvedic Herbs, 8K Miles Software Services and Shree Ganesh Biotech (India) were among 175 stocks that hit lower circuits.
Call/put writingOn the options front, maximum Put open interest was at 10,000 followed by 10,200 and 9,500 levels, while maximum Call OI was at 11,000 followed by strike price 10,500.
There was Put writing at 10,200 followed by 10,000 and Call writing at 10,300 followed by 10,500, said Chandan Taparia of Motilal Oswal Securities.Charts signal pain for NiftyThe bulls failed to push the Nifty50 above its immediate resistance at 10,290 on Tuesday, giving the bears a chance to regain lost ground.
Volatility is likely to stay in the market with the possibility of Nifty forming a wedge pattern.
This means the index is likely to remain under pressure and any minor bounceback is likely to get sold into.
The hurdle zone has shifted lower to 10,360-10,400 range.
On the downside, Nifty looks poised to test its crucial support in the 10,000-9,952 zone with the possibility of breaching it and heading lower, said Gaurav Ratnaparkhi, senior technical analyst at Sharekhan.