Indian equity markets closed the session on a negative note. The Nifty 50 closed the session over 75 points lower, ending below 24,600, and the Sensex closed the day more than 160 points or 0.21% lower at 80,545.
The Nifty Bank settled 51 points or 0.09% higher at 55,411. The small and midcap stocks saw a huge sell-off. The BSE Midcap fell 454 points, or 1%, lower at 45,142.02. On the other hand, the BSE Smallcap fell 600 points to finish at 52,228.
“Nifty remained bearish throughout the day as the index stayed under selling pressure, holding below the 50EMA throughout the session. The RSI continued to display a bearish crossover on both the daily and hourly charts. In addition, a lower-top, lower-bottom formation has developed on the hourly chart, indicating a weakening trend. The index is likely to remain a “sell on rise” as long as it stays below 24,850,” said Rupak De, Senior Technical Analyst at LKP Securities.
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5 big highlights from today’s market action-
Indices in intraday trade
The indices closed Wednesday’s session on a lower note. During the session, out of 3,071 trading stocks, 846 advanced, while 2,128 declined, and 97 remained unchanged. Today, 35 stocks hit a fresh 52-week high. Meanwhile, 85 stocks touched a new 52-week low.
Top gainers
Asian Paints was the top gainer in the Nifty 50 in Wednesday’s session, closing 1.94% higher. It was followed by HDFC Life Insurance, Mahindra & Mahindra, Bharat Electronics, and Coal India.
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Wipro’s shares were the biggest losers in today’s trade, declining 2.5%. It was followed by Sun Pharmaceuticals, Jio Financial Services, Tech Mahindra, IndusInd Bank, and many others.
Top sectors in Wednesday’s trade
The Petrochemicals sector‘s stocks fell the most in Wednesday’s trade, falling 2.6% in the market capitalisation. Auto Ancillaries stocks trailed Electronics, which was further followed by the Shipping sector stocks. The Sugar sector stood behind the Food Processing sector. However, Transport sector stocks surged in today’s weak trade.
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