Sensex, Nifty ended flat, but banking shares, led by HDFC Bank, demonstrated strength, and the midcap index also outperformed.
The Sensex and Nifty ended flat on April 5 due to RBI’s decision to keep key rates unchanged, but the midcap index extended gains for a tenth day in a row.
Markets opened lower, but a recovery in banking shares supported indices, resulting in a 0.9% increase in the Nifty Bank index. HDFC Bank contributed to Sensex, while Bajaj Finance suffered. RRB MPC maintained a “withdrawal of accommodation” stance.
Sectors and stocks
Top Nifty gainers include Kotak Mahindra, SBI Life Insurance, HDFC Bank, Bajaj Finserv, ITC, while losers include UltraTech Cement, Grasim Industries, Bajaj Auto, Bajaj Finance, and L&T.
Tata Chemicals, Mahanagar Gas, and Gujarat Gas experienced a 400 percent volume spike, while SBI Cards, Indraprastha Gas, and ICICI Lombard General Insurance Company experienced a long build-up. Over 200 stocks reached 52-week highs on the BSE.
Over 200 BSE stocks reached 52-week highs, including ABB India, Apar Industries, Canara Bank, Force Motors, Glenmark Pharma, Hindustan Copper, Indraprastha Gas, Indus Towers, Ipca Labs, Jindal Steel, M&M, Mahindra Life.
April 08 Forecast
The index has remained sideways due to a hanging man pattern and lack of directional breakout. A fresh rally is unlikely if the index remains below 22650, and support is at 22300.
The Nifty opened weak but consolidated, trading within the previous session’s range. The consolidation is expected to breakout on the upside, with minor corrections buying into. Bank Nifty has been outperforming, with immediate hurdles at 48636 and rally likely to continue till 49300. Support zones are 47700-47500 and 48000-48000.
| FII Bought | 1,659.27 Cr |
| DII Sold | -3,370.42Â Cr |
Indian Market Stocks
| Sensex | 20.59 | +0.03% | 74,248.22 |
| Nifty 50 | -0.95 | 0.00% | 22,513.70 |
| Nifty Bank | 432.25 | +0.90% | 48,493.05 |
Market Movers
| Kotak Mahindra | 36.00 2.06% | UltraTechCement | -181.50 -1.81% |
| SBI Life Insura | 21.55 1.47% | Grasim | -40.30 -1.77% |
| HDFC Bank | 21.95 1.44% | Bajaj Auto | -136.65 -1.49% |
| Bajaj Finserv | 22.15 1.34% | Bajaj Finance | -107.75 -1.48% |
| ITC | 4.80 1.14% | Larsen | -54.75 -1.44% |
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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.
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