Sensex, Nifty crash as Nifty Bank index closed 8% lower at 46,928.60, following an intraday low of 46,077.85.
On June 4, Dalal Street experienced a market turmoil due to the BJP-led NDA’s mandate not returning with expected majority, and the Nifty50 index experienced its largest single-day fall since March 2020.
Sectors and stocks
The Nifty and Sensex indices experienced a significant 8% drop, with the Sensex dropping 4,389.73 points or 5.74 percent to 72,079.05 and the Nifty down 1,379.40 points or 5.93 percent.
Investors’ wealth decreased by Rs 30 lakh crore due to a drop in BSE-listed company market capitalization. Volatility surged, with the India VIX jumping 50% to above 31, the biggest in nine years. Major losers included Adani Ports, Adani Enterprises, ONGC, NTPC, and SBI.
The BSE Midcap index fell 8%, smallcap index nearly 7%, and the Nifty Bank index ended 8% lower at 46,928.60 after hitting a low of 46,077.85.
June 05 Forecast
On election result day, Indian equities experienced panic selling, with the Index ending the session with a massive cut of 1379.40 points at 21,884.50. Sectors like PSU Banks and Energy saw sharp declines, with mid and smallcaps underperforming. The Index formed a massive red candle, suggesting extreme pessimism and counting impact. Support is at 21,600, with 22,500 as a strong hurdle.
Benchmark indices corrected sharply today, with major sectoral indices experiencing profit bookings, but PSU Banks and Energy indices losing the most. The market breached the 20-day Simple Moving Average and trading below short and medium-term averages. Resistance areas are 50-day SMA and intraday supports are 21600-21300/71000-70200.
The Nifty closed down 6%, breaking below the previous swing low of 21820, indicating a change in short-term trend. The primary outlook is for the Nifty to retrace its rise from 18840 to 23340 between October 2024 and May 2024. Key support levels are 21100 and 50% Fibonacci retracement level. Bank Nifty also broke down from the rising channel, with a change in trend expected towards 46150-44000 and 38.2% Fibonacci retracement level.
| FII Sold | -12,436.22 Cr |
| DII Sold | -3,318.98 Cr |
Indian Market Stocks
| Sensex | -4,389.73 | -5.74% | 72,079.05 |
| Nifty 50 | -1,379.40 | -5.93% | 21,884.50 |
| Nifty Bank | -4,051.35 | -7.95% | 46,928.60 |
Market Movers
| HUL | 140.40 5.96% | Adani Ports | -335.00 -21.15% |
| Nestle | 72.70 3.09% | Adani Enterpris | -704.00 -19.31% |
| Britannia | 157.30 3.04% | ONGC | -47.80 -16.83% |
| Hero Motocorp | 150.10 2.91% | NTPC | -60.55 -15.45% |
| TATA Cons. Prod | 17.85 1.67% | SBI | -130.45 -14.40% |
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Indian indices opened positively, with Sensex and Nifty reaching 76,000 and 23,100, respectively. Top gainers included Divis Labs, IndusInd Bank, Axis Bank, LTIMindtree, and Adani Ports, while losers included Adani Enterprises, Wipro, Grasim Industries.
Indian indices opened positively, with Sensex and Nifty reaching 76,000 and 23,100, respectively. Top gainers included Divis Labs, IndusInd Bank, Axis Bank, LTIMindtree, and Adani Ports, while losers included Adani Enterprises, Wipro, Grasim Industries.
Indian indices opened positively, with Sensex and Nifty reaching 76,000 and 23,100, respectively. Top gainers included Divis Labs, IndusInd Bank, Axis Bank, LTIMindtree, and Adani Ports, while losers included Adani Enterprises, Wipro, Grasim Industries.
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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