After a party on D-Street, the Indian equity indices have taken a breather. The Nifty 50 fell 346.35 points or 1.39% to settle at 24,578.35, the Sensex declined 1,282 points or 1.55% to end at 81,148.22.
The Nifty Bank followed the overall market sentiments, tumbling 0.80% to 54,940.85.
However, the small and midcap stocks broke ranks with key indices. The BSE Smallcap rose 482.93 points or 0.99% to finish at 49,176.68, and the BSE midcap surged 75.23 points or 0.17% to 43,806.83.
“On daily charts, it has formed a bearish candle, which supports temporary weakness. However, the short-term texture of the market is still on the positive side. For traders now, 24,500 and 24,450 would act as key support zones. If the market succeeds in trading above these levels, it could retest the level of 24,800–24,900,” said Shrikant Chouhan, Head of Equity Research at Kotak Securities.
5 big highlights from today’s market action-
Indices in intraday trade
The indices stumbled as soon as the markets opened, further the sell-off intensified to close over 1% each. The Nifty 50 fell as much as 1.5%, while the 30-stock index, Sensex, fell 1.68%, the most during the day.
Top gainers
Bharat Electronics was the top gainer in the Nifty 50 in Tuesday’s weak market, closing 4% higher. It was followed by Jio Financial Services, Hero MotoCorp, Dr Reddy’s Lab, and Sun Pharma.
Top losers
Meanwhile, the shares of Infosys were the major losers. It was followed by Zomato, Power Grid Corporation, HCL Technologies, TCS, and many other stocks in Tuesday’s trade.
Sectoral Index
The Nifty IT underperformed and closed at the lowest level among the sectoral indices, falling 2.42% to a 37,354.60 level in Tuesday’s trade. It was followed by Nifty FMCG, correcting 1.34%. The Nifty Bank lost 442 points or 0.80% to close at 54,940.
However, the broader markets, small- and mid-cap stocks closed on a higher note. The volatility index has cooled down in today’s trade by 1% to the 18.20 level.
Market breadth remained in favour of bulls
The overall market breadth remained in favour of bulls. Out of 2,959 stocks traded, 1,948 advanced and 937 declined. Also, 74 stocks remained unchanged. Today, 43 stocks hit a fresh 52-week high compared with 10 stocks hitting a 52-week low. Adding to that, 199 stocks touched the upper circuit and 31 were at the lower circuit.