During the afternoon trading session on the last day of the workweek, market trends stayed tight, following morning sluggishness due to investors cashing in their profits after a triumphant three-day run. Nifty 50, the Indian market index, slipped down by 64.85 points, which is a 0.26 per cent decrease, ending up at 25,358.75 points by 1.35 PM. Meanwhile, the Sensex encountered a drop of 289.47 points, a 0.35 per cent dip, and landed at 82,724.49 points.
The market indices kicked off the day with a slight downgrade. The Nifty began the day at 25,410.20 points, marking a minor fall against the last closing figure of 25,423.60 points. In the same vein, the Sensex initiated the day trading at 82,946.04 points, compared to the closing number of 83,013.96 points from the day before.
Investors maintained an air of caution as the Nifty faced hurdles around the 25,500-25,600 zone. The technical data suggested that this resistance could be the product of market fatigue at these peak levels. This trend indicated a possible slowdown in the market’s uptick.
Among the progressive stocks, companies under the Adani group led the charge. Adani Enterprises experienced a significant hike, surging 6.87 per cent to reach ?2,567. Trailing it was Adani Ports, which rose by 3.18 per cent, standing at ?1,457.70.
In the active market, Shriram Finance enjoyed a 1.21 per cent upswing, settling at ?634.50. Similarly, Asian Paints recorded a 1.01 per cent rise, closing at ?2,503.80 by the end of the day. Not trailing far behind, State Bank of India secured a spot among the top gainers as it inched up by 1.00 per cent to ?862.90.
On the flip side, some of the stocks took a hit. HCL Technologies emerged as the prominent decliner with a 1.48 per cent nosedive to land at ?1,471.70. ICICI Bank also experienced a downward trend by 1.27 per cent, settling at ?1,403.70.
Joining the losers’ circle, Nestle India reported a drop of 1.19 per cent to ?1,194.70. Titan Company and Kotak Mahindra Bank also witnessed decreases of 1.18 per cent and 1.10 per cent respectively, concluding the trading day at ?3,469.90 and ?2,032.10 in that order.
Illustrating sector-wise behaviour, financial services seemed to bear the greater chunk of the selling force. The Nifty Financial Services index made a downward stride, registering a 0.61 per cent decline to 26,531.50. The Nifty Bank index too waned, recording a drop of 0.44 per cent to place itself at 55,472.60.
However, it was a different story for mid-cap stocks. They displayed resilience amid the wavering market conditions. Nifty Midcap 100 managed to record a gain of 0.15 per cent, reaching 59,141.50, while Nifty Next 50 secured an advance of 0.59 per cent, ending up at 69,710.55.
The market breadth indicated a balanced situation with a nearly equal spread of companies advancing and declining on the BSE. The tally fell slightly in favour of the advancing companies, being 2,006 against 2,034 declining ones. Meanwhile, a total of 185 stocks remained stationary without registering any fluctuation.
In terms of extreme market behaviours, the day witnessed 152 stocks henceforward hitting their 52-week highs, whereas only 50 stooped to their 52-week lows. It was also noteworthy that while 241 stocks hit their upper circuit, the lower circuit was hit by 128 stocks.
Market commentators concluded that the market’s struggle to remain steady above the 25,500 mark points to investor wariness after the recent spurt. They measured the key support levels that need to be watched very closely to be at 25,325 and 25,150. Simultaneously, the level of resistance is expected to hang around the 25,500-25,600 mark.
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