Sensex and nifty closed lower, with the Nifty below 22,500, despite initial gains. Heavyweights and stocks sold across sectors, except metal. Sensex and Nifty fell 0.98% and 0.76% respectively.
The market initially opened higher, but a sudden drop erased gains, trading in a negative zone for the rest of the session. BSE Sensex and Nifty50 yielded flat returns.
Sectors and stocks
Sectoral indices, except metal, saw red marks in capital goods, realty, telecom, and PSU Bank, while oil & gas, auto, Information Technology, and Media fell. BSE midcap and smallcap indexes also fell.
Despite hitting fresh highs, broader indices fell, with BSE midcap index falling 0.2% and smallcap index down 0.5%. Torrent Power, Cummins, and Bajaj Finance experienced a 500% volume spike.
Stocks Coal India, BHEL, and NMDC experienced long build-ups, while Coforge, MRF, and SRF experienced short build-ups. Around 250 stocks reached 52-week highs on BSE.
May 06 Forecast
The markets experienced significant volatility, with the Nifty losing nearly 1%. Profit-taking in heavyweight stocks wiped out early gains and pushed the index into negative territory. Sectors like auto, IT, and realty were among the primary losers. The Nifty held above the support zone, but traders should consider hedged positions if it fails to maintain the 22,400 level.
The Index is expected to oscillate between 22,160- 22,770, with a negative divergence in the RSI. BankNifty reversed from the rising channel, suggesting a correction. Auto and Metal counters are moving on expected lines, and the Energy segment is expected to outperform the Pharma sector. Extreme volatility is anticipated due to result-oriented activities and general election progress.
| FII Sold | -2,391.98 Cr |
| DII Bought | 690.52 Cr |
Indian Market Stocks
| Sensex | -732.96 | -0.98% | 73,878.15 |
| Nifty 50 | -172.35 | -0.76% | 22,475.85 |
| Nifty Bank | -307.50 | -0.62% | 48,923.55 |
Market Movers
| Coal India | 20.70 4.56% | Larsen | -99.70 -2.77% |
| Grasim | 44.00 1.81% | Maruti Suzuki | -313.20 -2.45% |
| ONGC | 3.30 1.17% | Nestle | -56.20 -2.24% |
| Dr Reddys Labs | 62.05 0.99% | Reliance | -65.10 -2.22% |
| Hindalco | 5.65 0.88% | Bharti Airtel | -26.65 -2.04% |
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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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