Sensex and nifty closed in red, Nifty Realty index increased by 2.76%, while the Nifty PSU Bank index dropped by 3.66%, consumer durables, oil & gas, and oil & gas lost by 2.55% and 1.755%, respectively.
India’s Sensex and Nifty 50 closed lower on May 7, causing market confidence to dip near record highs due to selling amid disappointing Q4 earnings.
Nifty FMCG Index and Nifty IT saw gains, while realty and metals fell, while Nifty PSU Bank Index, Nifty Healthcare, and Nifty Auto saw losses.
Sectors and stocks
Nifty FMCG Index and Nifty IT experienced gains, while realty and metals fell. Sectors with the most gains included Nifty FMCG Index and Nifty IT, while Nifty realty and metals fell. Other losers included Nifty PSU Bank Index.
May 08 Forecast
Investors trimmed exposure in banking, metals, oil & gas, realty, and power shares due to higher valuations, US Fed delay, and high inflation, resorting to selective bullish bets.
The domestic market consolidates despite global cues, with profit booking due to low election turnout and premium valuations. FMCG remains the biggest sectoral gainer.
The Indian benchmark indices opened higher on Tuesday, but after initial jitters, the market saw massive profit booking, with the Volatility Index (India VIX) jumping by about 6%. The index closed down at 22,302, suggesting further pessimism. On the downside, the index will find solid support at 22,100-22,000 levels, while on the upside, it will continue to face stiff resistance at 22,800.
The Bank Nifty opened on a bullish note, but due to heavy selling pressure, it concluded on a negative note at 48,285. The index formed a shooting star candlestick formation near its all-time high, indicating strong resistance near 49,975. As long as the index remains below 48,340, weakness could extend to 48000-47,700.
| FII Sold | -3,668.84 Cr |
| DII Bought | 2,304.50Â Cr |
Indian Market Stocks
| Sensex | -383.69 | -0.52% | 73511.85 |
| Nifty 50 | -140.20 | -0.62% | 22302.50 |
| Nifty Bank | -609.95 | -1.25% | 48285.35 |
Market Movers
| HUL | 123.20 5.46% | Bajaj Auto | -374.65 -4.14% |
| Tech Mahindra | 30.20 2.39% | Power Grid Corp | -11.60 -3.78% |
| Britannia | 112.25 2.22% | ONGC | -8.55 -3.03% |
| Nestle | 51.25 2.09% | IndusInd Bank | -44.95 -3.00% |
| TCS | 57.90 1.48% | Hindalco | -18.60 -2.91% |
Must read book about investing – check here
Sensex Sensex Sensex
Sensex After four weeks of increases, Sensex and Nifty fell 2% for the first time After four weeks of increases, Sensex and Nifty fell 2% for the first time
The Nifty has experienced a decline, closing the day around 160 points lower. The daily charts show no follow-through buying interest after a breakout, and selling pressure at higher levels could lead to a slipping back into the consolidation zone. The Bollinger bands are contracting, indicating a range contraction. The Bank Nifty has not maintained positive momentum, and it could slip towards the 46900-46800 range. The overall trend is bullish, with an intermediate corrective phase in progress. Short-term weakness could lead to a decline towards the 22200-22250 range.
The Nifty has experienced a decline, closing the day around 160 points lower. The daily charts show no follow-through buying interest after a breakout, and selling pressure at higher levels could lead to a slipping back into the consolidation zone. The Bollinger bands are contracting, indicating a range contraction. The Bank Nifty has not maintained positive momentum, and it could slip towards the 46900-46800 range. The overall trend is bullish, with an intermediate corrective phase in progress. Short-term weakness could lead to a decline towards the 22200-22250 range.
Red Alert Red Alert Red Alert Red Alert Red Alert Red Alert Red Alert Red Alert
Record High Record High Record High Record High Record High Record HighrRRecord HighRecord Highecord Highockets
Market Rally Halts Market Rally Halts Market Rally Halts Market Rally Halts
stor Alarm