Stock Market Highlights: Nifty, Sensex Mark Longest Losing Streak Since Mid-November
The Indian equity benchmark indices closed lower for the sixth day in a row, as stocks of Mahindra & Mahindra Ltd. and Eicher Motors Ltd. dragged the most.
The NSE Nifty 50 ended 26.55 points, or 0.12% lower at 23,045.25, and the 30-stock BSE Sensex ended 122.52 points, or 0.16% down at 76,249.54.
The NSE Nifty Bank also closed higher at 49479.45. The index ended 0.15% up by 76.05 points.
The market witnessed a fierce tug-of-war between the bulls and bears. The index opened lower, extending its losses and revisiting its previous swing low of 22,800. However, a strong V-shaped recovery followed, but the inability to sustain upward momentum reflected broader market uncertainty. Ultimately, the index closed at 23,045.25 with a loss of 26.55 points, said Aditya Gaggar, director of Progressive Shares.
Among the sectors, PSU Banks and Metal were the top performers, while heavy beating continued in the Realty segment, followed by Auto. After dramatic swings in both directions, the midcaps and small caps ended the day in the red, with losses of 0.26% each. The index formed a long-legged doji candlestick pattern at the 22,800 level, signalling indecisiveness between bulls and bears. Going forward, the 22,800 level remains a solid support, while the 23,200-23,240 zone will act as a tough resistance, he added.
Shares of HDFC Bank, L&T, Bharti, Kotak Mahindra Bank and Bajaj Finserv. contributed positively to changes in the Nifty 50.
While those of RIL, M&M, ITC and Infosys weighed the index.
Eight out of 12 sectors ended in red, with Nifty Realty, Oil and Gas, Auto, IT and Pharma declining the most.
Nifty Bank, Metal, Bank and Finance led the gains.
Nifty 50 hit an intraday low of 1.2%, taking the index sharply below the support level of 23,000. Sensex recorded an intraday low of 1.2%.
Broader markets underperformed benchmark indices. The BSE Midcap and Smallcap indices ended 0.45% and 0.49% down, respectively.
Market breadth was skewed in favour of sellers. Around 2,433 stocks declined, 1,537 stocks advanced, and 96 remained unchanged on BSE.
