Nifty, Sensex Close At Lowest Level In Over A Month: Market Wrap
The NSE Nifty 50 closed 333 points, or 1.54%, lower at 21,238.80, while the S&P BSE Sensex ended 1,053.10 points, or 1.47%, down at 70,370.55.
India's benchmark stock indices extended losses, and ended at the lowest level in over a month, tracking a decline in shares of HDFC Bank Ltd., Reliance Industries Ltd., and State Bank of India.
The NSE Nifty 50 closed 333 points, or 1.54%, lower at 21,238.80—the lowest level since Dec. 20, 2023. The S&P BSE Sensex ended 1,053.10 points, or 1.47%, down at 70,370.55—the lowest since Dec. 13, 2023.
Intraday, the Nifty 50 touched a low of 21,192.60, and the Sensex fell to 70,234.55.
"We are of the view that the short-term market texture is weak but oversold. For the traders now, 21,350/70,700 would be the key level to watch out, as long as its trading below the same, the weak sentiment is likely to continue. Below which, the market could correct till 21,100-21,000/70,000-69,750. On the flip side, above 21,350/70,700, one minor pullback rally possible till 21,425-21,445/70,900-71,000," said Shrikant Chouhan, head-equity research, Kotak Securities Ltd.
Bharti Airtel Ltd., Cipla Ltd., Hero MotoCorp Ltd., ICICI Bank Ltd., Infosys Ltd. and Sun Pharmaceutical Industries Ltd. were positively contributing to changes in the Nifty.
Whereas Axis Bank Ltd., HDFC Bank Ltd., Larsen & Toubro Ltd., Reliance Industries Ltd. and State Bank of India weighed on the index.
On the NSE, 11 sectors declined, with the Nifty Media plunging 12.87% to become the worst performer among its peers.
The Nifty Media marked the biggest fall in five years, tracking loss in shares of Zee Entertainment Enterprises Ltd.
Broader markets underperformed benchmark indices; the S&P BSE Midcap slumped 2.95%, and the S&P BSE Smallcap fell 2.79%.
On the BSE, 19 sectors out of 20 ended in red, while one sector settled in positive. The S&P BSE Oil and Gas dropped 3.96% to become the worst performer.
The market breadth was skewed in favour of sellers. Around 2,987 stocks declined, 942 stocks rose, and 138 remained unchanged on the BSE.
