The domestic key equity indices ended the day on a slightly lower note, paring its early hours’ losses. The NSE Nifty 50 settled the session 37 points or 0.17% lower at 22,082.65, while the BSE Sensex declined 96 points or 0.13% to finish at 72,990.
The auto stocks remained the key losers during the session. The Nifty Auto closed 1.30% lower at 20,269.20.
Outperforming benchmark indices, the Nifty Bank lost 130.90 points or 0.27% to close at 48,245.20. The Nifty Midcap 100 also pared the early hours’ losses, closing the day 24 points, or 0.05%, higher at 48,007.85.
Sectoral Index
In the broader markets, small- and mid-cap stocks closed the day on a positive note while midcaps declined. The volatility index India VIX shot up 0.49% to the 13.83 level.
“The domestic market exhibited a recovery from today’s lows but remained in negative territory due to adverse global cues related to escalating global trade tensions. Nevertheless, the broader market outperformed, primarily driven by value buying opportunities in small-cap stocks. Currently domestic economic indicators are favourable while investors await clarity on global trades for a consistency in momentum,” said Vinod Nair, Head of Research at Geojit Financial Services.
Talking on the technical front, Rupak De, Senior Technical Analyst at LKP Securities, said the index found support around 22,000 on a sustained basis. “Though sentiment has not turned positive, there are signs that the index is finding support in the 21,800–22,000 zone. In the short term, we might witness a recovery. However, a decisive fall below 21,800 could change the current equation.”
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