Sensex and nifty closed in red, All sectors, except Nifty Auto, experienced declines, with Oil & Gas leading the decline by 3.2%, Metal and FMCG dropping by 2.9%, Pharma and Realty falling by 2% each.
India’s benchmark indices, the NSE Nifty 50 and BSE Sensex, experienced a one-percent intraday fall and fifth consecutive day of decline, driven by election uncertainties, concerns over PM Modi’s expected smaller majority, weak Q4 results, and rising crude prices.
Sectors and stocks
The market experienced a significant decline, with frontline indices dropping 1-2 percent and the midcap index dropping 1,000 points. Auto stocks, particularly 2-wheelers, showed strength, while Tata Power and UBL experienced negative reactions. All sectors, except Nifty Auto, declined except for Nifty Auto.
May 10 Forecast
The Nifty and Sensex experienced a sharp selloff, with the Energy and Metal indices losing nearly three percent, as the market breached support levels.
The index has formed a bearish candle, indicating further market weakness. Short-term market texture is weak, but temporary oversold conditions may cause a technical pullback rally. 22000/72550 is key, with potential bounces at 22100-22150/72300-72500 and slipping below.
The market experienced volatility due to Q4 earnings and election uncertainties, leading investors to stay on the sidelines. Expect short-term trend to continue below 22,000.
Markets experienced selling pressure due to risk aversion during the poll season, resulting in a faster reduction in equity exposure, particularly for mid and small-cap stocks. Market volatility is expected, with mostly negative bias.
| FII Sold | -6,994.86 Cr |
| DII Bought | 5,642.53Â Cr |
Indian Market Stocks
| Sensex | -1,062.22 | -1.55% | 72404.17 |
| Nifty 50 | -345.00 | -1.45% | 21957.50 |
| Nifty Bank | -533.20 | -1.11% | 47487.90 |
Market Movers
| Hero Motocorp | 151.00 3.27% | Larsen | -211.40 -6.06% |
| Tata Motors | 18.20 1.80% | Asian Paints | -133.20 -4.68% |
| M&M | 30.15 1.38% | BPCL | -28.15 -4.54% |
| Bajaj Auto | 97.45 1.11% | Coal India | -20.95 -4.51% |
| SBI | 9.00 1.11% | ONGC | -11.60 -4.19% |
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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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