Indian equity markets closed the session on a lower note. The Nifty 50 closed the session 150 points lower, below 25,100, and the Sensex ended the day 540 points or 0.66% points lower at 82,180. Analysts called the sell-off a profit booking.
The Nifty Bank settled almost 145 points lower at 57,066. In line with the overall bearish sentiments, the BSE Midcap declined 200 points, or 0.43%, lower at 46,658. On the other hand, the BSE Smallcap fell 275 points to finish at 54,940.
“Technically, the market once again faced resistance near 25,250 and reversed sharply. On daily charts, a bearish candle has formed, and on intraday charts, a lower top formation is evident, which is largely negative,” said Shrikant Chouhan, Head Equity Research at Kotak Securities.
“We are of the view that, although the intraday market texture appears weak, a fresh selloff is possible only after the levels of 25,000 are breached,” added Chouhan.
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“On the hourly chart, the index fell back below the 50-EMA and closed below it. Overall, the index continues its range-bound movement, which may persist in the near term. On the downside, support remains intact at 24,900; a decisive break below this level could trigger a correction in the market. On the other hand, a sustained move above 25,260 may induce a fresh rally,” said Rupak De, Senior Technical Analyst at LKP Securities.
5 big highlights from today’s market action-
Indices in intraday trade
The indices closed Wednesday’s session on a higher note. During the session, out of 3,057 trading stocks, 1,111 advanced, while 1,862 declined, and 84 remained unchanged. Today, 72 stocks hit a fresh 52-week high. Meanwhile, 29 stocks touched a new 52-week low.
Top gainers
Zomato was the top gainer in the Nifty 50 in Thursday’s session, closing 3.44% higher. It was followed by Dr Reddy’s Laboratories, Tata Motors, Tata Consumer Products, and Cipla.
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Meanwhile, the shares of Nestle India were the biggest losers in today’s trade. It was followed by Trent, Tech Mahindra, Shriram Finance,
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