Indian equity benchmarks extended their losing streak to a third consecutive session on Thursday. The Nifty 50 fell 124 points to close at 22,688, while the Sensex shed 460 points to settle at 73,249. Many stocks fell as selling pressure and weak global cues showed that investors got very cautious.
Indian equity benchmarks extended their losing streak to a third consecutive session on Thursday, as persistent selling pressure and weak global cues weighed on investor sentiment. Markets opened lower and extended losses in early trade, with the Nifty 50 falling more than 1% intraday, before late-session buying helped trim losses.
The Nifty 50 declined 124 points, or 0.54%, to close at 22,688, while the BSE Sensex shed 460 points, or 0.62%, to settle at 73,249.
Broader markets underperformed the benchmarks, with the Nifty Smallcap 100 and Nifty Midcap 100 indices falling around 1% each. Meanwhile, the India VIX, a gauge of expected market volatility, edged up to 15.82, signalling heightened caution among investors.
Sectorally, the Nifty Auto, Nifty FMCG, Nifty Metal and Nifty IT indices declined by up to 1%. Market breadth remained firmly negative on the NSE, with 2,512 stocks declining against 1,026 advances, while 104 stocks ended unchanged.
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Technical View
From a technical point of view, Nifty50 remained largely range-bound between 22,600 and 22,785 for the remainder of the session, with the 22,800 zone acting as a near-term key resistance, according to Ponmudi R, CEO of Enrich Money. On the upside, reclaiming 22,800 would be necessary to improve near-term stability and create scope for a recovery.
On the downside, the 22,600–22,550 range forms the immediate support zone, Ponmudi believes. A sustained breakdown below 22,500 could accelerate selling pressure and drag the index towards the 22,300–22,200 region.
"Momentum indicators remain weak, with the RSI near 44, indicating a bearish bias. The MACD histogram remains positive at 68.85, with the MACD line at -167.07 above its signal line at -235.92, suggesting that some recovery momentum persists despite the latest decline."
Disclosure: This article has been written by Kumar Gaurav, who is not a Sebi-registered Research Analyst or an Investment Adviser. Gaurav and their ‘relative(s)’ (as defined under Section 2(77) of the Companies Act, 2013) do not hold any financial interest in the companies mentioned in this article as of the date of publication. The views/recommendations mentioned in this article, wherever applicable, are those of the respective Sebi-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment. Brokerage disclaimers here
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