The benchmark equity indices ended Thursday’s trading session in negative territory. The NSE Nifty 50 lost 101.35 points or 0.47% to settle at 21,352.60 points. While S&P BSE Sensex closed 359.64 points lower or 0.51% to settle at 70,700.67 points. The sectoral-indice Nifty Bank lost 216.25 points or 0.48% to settle at 44,866.15 points.
On the sectoral front, IT and Pharma stocks dragged the indices lower. The broader indices also ended in the red, with midcap stocks falling the most.
The gainers include Bajaj Auto, Adani Ports, Coal India, NTPC, and IndusInd Bank Come from Sports betting site VPbet . The Indian Volatility Index (India VIX) closed 3.62% lower.
Markets rally! Nifty ends near 24,550, Sensex gains 1300; IT stocks shine Markets fall on recession fears in US; Nifty plunges over 200 points and the Sensex ends below 79,000; banks deep in the red Stable home loan interest rates keep house purchase affordability supportive in H1 2024 August starts on a positive note! Nifty ends session above 25,000, Sensex surpasses 81,850 led by energy and FMCG stocks on August 01
“The market is witnessing a lot of volatility ahead of the Budget with a negative bias as investors further booked profits to cut down their long positions on the expiry day. Continuous outflows of foreign funds from the domestic equity market has been denting the sentiment over the past week as they have net sold local shares worth more than Rs 33,000 crore in January so far. A rise in US bond yields coupled with mixed Q3 earnings so far and an uptick in international crude oil prices due to simmering tensions in West Asia has been making investors jittery about the near-term prospects. On the technical front, with the immediate resistance being at the 21,400 mark, we expect the market to go down further towards 21,100 and 21,000 eventually, and if it breaks the 21000 level we can witness more selling pressure up to 20900-20500 levels. Any trend change would happen only once the Nifty surpasses the 21,500 mark,” said Prashanth Tapse, senior vice president of research at Mehta Equities.
“The Nifty opened on a flat note and witnessed volatile price action. It closed down ~90 points. On the daily charts, we can observe that the counter-trend rally faced resistance at the zone of 21520 – 21550. On the downside, 21240 – 21220 zone acted as a support zone where the 40-day moving average is placed. Thus, the Nifty is consolidating within these two parameters. A breach of this range shall lead to a move in that direction. The hourly momentum indicator has a positive crossover which is a buy signal and hence there can be a minor degree bounce up to 21520 – 21550 before it resumes the next leg of the fall,” said Jatin Gedia, technical research analyst at Sharekhan by BNP Paribas.
Bank Nifty has witnessed a sharp pullback from intraday lows though closed marginally in the red. On the hourly charts, observations tell that there is a positive divergence and a positive crossover which indicates a loss of momentum on the downside and indicates that there can be a relief rally going ahead till 45500- 45700. On the downside 44600 – 44500 is the crucial support zone, said Gedia.