Sensex, Nifty end lower after hitting record highs, snap 3-session record run
Indian indices fell from lifetime highs to end lower. Auto and FMCG stocks pressured the market. Out of the 15 Nifty sectoral indices, seven closed with cuts.
Indian headline indices ended in the red on Tuesday after hitting fresh lifetime highs, dragged by selling pressure in auto and FMCG stocks.The S&P BSE hit a fresh lifetime high of 75,124.28 in early trade before ending the session at 74,684, down 59 points 0.08%. The broader scaled a new peak of 22,765.30 but settled at 22,643, lower by 24 points or 0.1%.
Nifty's breadth was in favour of the bears as 34 stocks closed the session on a negative note while just 16 ended in the green. The top gainers were , , , and while the top losers were , , , (RIL) and .
Out of the 15 Nifty sectoral indices, seven closed with cuts. The top laggards were Nifty PSU Bank (0.84%), Nifty Consumer Durables (0.79%) and Nifty FMCG (0.62%). Nifty Auto was down by 0.31%. The top performing sectors were Nifty Metal (1.13%), Nifty Realty (0.53%) and Nifty Bank (0.31%).
The broader markets traded mix with Nifty Midcap 100 ending down by 0.29% while Nifty Smallcap 100 gaining 0.27%.
Expert Take
Commenting on the day's action, Rupak De, Senior Technical Analyst at LKP Securities said that Nifty opened higher but struggled to withstand the selling pressure at elevated levels. On the hourly chart, the RSI indicates bearish divergence, signalling a potential shift in price momentum towards the downside, he said as he now places immediate support at 22,600. A decisive drop below this level could drive the index towards 22,400, he opined. Conversely, resistance is evident at 22,770 on the higher end, De added.
As for Bank Nifty, the index demonstrated resilience at higher levels by surpassing the 49,000 mark intraday, Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities said. Sustained closure above 49,000 could propel the index towards 50,000, Shah said pegging the support at 48,000.
Asian Markets
Most major Asian indices managed a positive closing. While China's Shanghai Composite closed with minor gains of 0.05%, Japan's Nikkei 225 jumped by over 1%. Hong Kong's Hang Seng index and Singapore's FTSE Straits Times Index gained 0.57% and 0.67%, respectively.
Crude Impact
Crude oil prices were trading higher on Tuesday with US WTI oil contracts trading at $86.520, up by $0.110 or 0.130% while Brent oil futures were hovering near $90.520, down by $0.160 or 0.180%. On the MCX, the April Crude Oil futures were trading at Rs 7,211 per BBL, up by Rs 32 or 0.45%.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
Source: Stocks-Markets-Economic Times
