Stock Market Today: Sensex Sheds 528 Points, Nifty Settles Below 23,550

Top losers on the Nifty included Tata Steel, Zomato, L&T, Tata Motors and Adani Ports, while gainers were Nestle India, HUL, M&M, Kotak Mahindra Bank and Asian Paints

Stock Market Today: The BSE Midcap and Smallcap indices both declined by 1 per cent

Source : ABPLIVE AI

The Indian equity market continued its losses from the previous session on Thursday, with the Nifty closing below 23,550 due to broad-based selling, except in the FMCG sector. Despite mixed global cues, benchmark indices opened flat, but soon bears took control, pushing the Nifty close to 23,500 intraday before it ended near the day's low.

At the close, the Sensex fell by 528.28 points or 0.68 per cent to 77,620.21, while the Nifty dropped by 162.45 points or 0.69 per cent to 23,526.50.

Top losers on the Nifty included Tata Steel, Zomato, L&T, Tata Motors and Adani Ports, while gainers were Nestle India, HUL, M&M, Kotak Mahindra Bank and Asian Paints.

Sectorial Update

All sectors, except FMCG, closed in the red, with capital goods, IT, metal, oil & gas, PSU Bank, power, and realty indices declining by 1-2 per cent.

The BSE Midcap and Smallcap indices both declined by 1 per cent.

Around 120 stocks hit their 52-week lows on the BSE, including Network 18, Sun Pharma Advanced, Bandhan Bank, Mahindra Life, Tata Technologies, Yes Bank, Sona BLW, Rajesh Exports, Alok Industries, Relaxo Footwear, IRCTC, NMDC Steel, and others. Click here to view the full list.

Expert Comment

Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Interrmediates, said, “Nifty opened marginally negative, experienced weakness, and closed at 23,526, marking a negative day. The volatility index, India VIX, rose by 1.33 per cent to 14.66, reflecting increased market volatility.”

“Technically, on the daily chart, Nifty formed a red candle but respected the demand zone of 23,460–23,500, settling near the 250-Days Simple Moving Average (250-DSMA) support. If index holds 23,460, then short term pullback towards 23,800-23,900 possible. On the higher side, the index will find resistance near the 23,930 mark, where its 200-DSMA is located. Sustaining below 23,460 could triggered weakness towards 23,300-23,200 levels,” he added.

He noted, "Bank Nifty opened on negative note, extended its weakness, and settled the day on a negative note at 49,504. Technically speaking, Bank Nifty sustained below its 250-Days Simple Moving Average (250-DSMA) support and formed a red candle on daily scale, indicating weakness. The 250-DSMA is placed near 49,900, which will operate as a powerful barrier for the index, followed by 50,740, where 200-DSMA is located. As long as Bank Nifty maintains below 50,740 levels, traders are advised to book profits on bounce."