Indian equity markets closed the session on a negative note. The Nifty 50 closed the session over 70 points lower, ending at 24,650, and the Sensex closed the day more than 300 points or 0.38% lower at 80,700.
The Nifty Bank settled 260 points or 0.47% lower at 55,360. In line with the overall bearish sentiments, the BSE Midcap fell 62 points, or 0.14%, lower at 45,596.16. On the other hand, the BSE Smallcap fell 140 points to finish at 52,831.41.
“Nifty traded with a negative bias throughout the day, remaining below the 50EMA. On the daily chart as well, the index is comfortably placed below the 50EMA. The current range is 24,400–24,850, and in the short term, the index is likely to remain within this band. Only a decisive move beyond this range might determine the next course of action for the market,” said Rupak De, Senior Technical Analyst at LKP Securities.
Today, the benchmark indices experienced selling pressure at higher levels. The Nifty closed 73 points lower, while the Sensex was down by 308 points. Among sectors, intraday buying interest was seen in selective Defence stocks, whereas the capital market index lost the most, shedding over 1%, said Shrikant Chouhan, Head Equity Research at Kotak Securities.
“We believe that the market is currently exhibiting non-directional activity, with traders possibly waiting for either side to break out,” said Chouhan.
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5 big highlights from today’s market action-
Indices in intraday trade
The indices closed Tuesday’s session on a lower note. During the session, out of 3,065 trading stocks, 1,200 advanced, while 1,785 declined, and 80 remained unchanged. Today, 50 stocks hit a fresh 52-week high. Meanwhile, 55 stocks touched a new 52-week low.
Top gainers
Titan was the top gainer in the Nifty 50 in Tuesday’s session, closing 2% higher. It was followed by IndusInd Bank, SBI Life Insurance, Maruti Suzuki, and Coal India.
Top losers
Adani Ports and SEZ’s shares were the biggest losers in today’s trade, declining 1.94%. It was followed by Reliance Industries, Infosys, Adani Enterprises, Cipla, and many others.
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