Sensex, Nifty end flat after choppy day; Indiabulls RE sinks 20%, Zomato 6%
CLOSING BELL: Among sectors, the Nifty PSU Bank index fell nearly 3 per cent, followed by the Nifty Realty index (close to 1 per cent)
SI Reporter New Delhi
Stock market highlights: Domestic equities, which held gains for better part of the day, registered a flat close on Tuesday as selling in US index futures, forced investors to book profits.
The S&P BSE Sensex reclaimed the 62,000-mark in the intra-day deals, before ending at 61,761, down 3 points. The Nifty50, meanwhile, approached the 18,350-mark in intra-day deals, before shutting shop at 18,266, up 1.5 points.
Broader markets were weak today with the BSE Smallcap index closing in the red, and BSE MidCap index flat.
Among individual stocks, Indiabulls Real Estate put pressure on the former index as it crashed 20 per cent, followed by Sterling Tools (down 15 per cent), Apar Industries (14.5 per cent), and Ircon (7.4 per cent).
Among sectors, the Nifty PSU Bank index fell nearly 3 per cent, followed by the Nifty Realty index (close to 1 per cent). The Nifty Auto index rose the most, up 0.5 per cent.
COMMENT:: Markets relinquished gains on weak global sentiment
The domestic market relinquished its gains as weak global sentiments took hold. The upcoming US inflation figures have become the focal point in determining the global market trend. The US inflation rate, which is expected to remain unchanged at its March level of 5.0 per cent, is causing worries that the Fed will remain stricter for long. However, the sustained support from FIIs is guarding the domestic market from a steep correction.
- Vinod Nair, Head of Research at Geojit Financial Services
Bias to remain positive as long as Nifty holds 18,200
The Nifty index traded within a tight range of 18,345 and 18,229 throughout the day, showing a lack of strong directional momentum. However, the index remained above critical moving averages, which could indicate underlying strength in the market. Additionally, the Relative Strength Index (RSI) showed a positive crossover, suggesting bullish momentum. Overall, the outlook for the Nifty index remains positive, with technical indicators signaling potential for further upside. The sentiment remains positive until it falls below 18,200 decisively.
- Rupak De, Senior Technical Analyst at LKP Securities
Support for Bank Nifty visible at 42,800
The index witnessed profit booking after a steep rally in the preceding days, indicating that some traders were taking profits off the table. Support is at 42,800, which is expected to act as a cushion for the bulls. This means that if the index falls to this level, buyers are expected to enter the market and push the price back up. Resistance is at 43,500, which is a level that the index needs to surpass in order to reach an all-time high. If the price manages to break through this level, it could indicate a shift toward a bullish trend for the index.
- Kunal Shah, Senior Technical Analyst at LKP Securities
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BSE Smallcap Heatmap:: AYM Syntex, Jai Balaji, Firstsource top gainers
BSE Midcap Heatmap:: Tata Comm, TI India, Lodha zoom up to 6%; IRFC dips 5.5%
Nifty PSU Bank index tumbles 2.8%; Indian Bank cracks 7%, PNB, Canara Bank, Central Bank over 3%
Broader indices also end on a flat note
Nifty 50 Losers:: UPL sheds 3%; SBI, ITC decline up to 2%
Nifty 50 Gainers:: Divis Lab jumps 3%; IndusInd Bank, Coal India, TCS up over 1%
Sensex 30 Heatmap:: 18 Gainers v/s 6 Losers
CLOSING BELL:: NSE Nifty50 settled two pts higher at 18,266
Topics : Stock Market MARKET LIVE MARKET WRAP Markets BSE Sensex Markets Sensex Nifty Mankind Pharma Mahanagar Gas IPOs REIT
First Published: May 09 2023 | 07:41 AM IST