The stock market remained weak on Wednesday. After trading in a range throughout the day, Sensex and Nifty closed in the red. The market weakened due to selling pressure in many indices including IT and Pharma indices. However, the smallcap index managed to make gains and closed in the green. Sensex fell 116 points to close at 85,408. Nifty fell 35 points to close at 26,142. Bank Nifty fell 115 points to close at 59,183. In the currency market, the rupee weakened by 12 paise to close at 89.77/$.
Where was the gain and where was the loss?
The Midcap Select index fell 134 points to close at 13,812, while the Smallcap index closed 49 points higher at 17,708.
Sectoral performance
On the sectoral front, capital markets and pharma stocks witnessed weakness. The Nifty Capital Market index fell nearly 1%, while the Nifty Pharma index declined 0.6%. Realty and metal shares also remained under pressure, resulting in overall sectoral sentiment being slightly weak.
Shares rising and falling in Nifty
Among Nifty stocks, Trent was one of the best performers, gaining nearly 2%. Apollo Hospitals, Shriram Finance and UltraTech Cement also closed with gains, with Shriram Finance gaining about 1.4%. Indigo, on the other hand, declined by 1.8%. Dr Reddy’s, Wipro and Tata Motors PV were also among the weaker Nifty stocks, with Tata Motors PV falling around 1.3%.
Activity in small and midcap stocks
In the SINS category, VIP Industries was the most talked about stock, seeing a strong rise of around 15%. Ajanta Pharma, Castrol and Belrise Industries also gained up to 3%. Among the top falling stocks, selling pressure was seen in HCC, Avanti Feeds, Kajaria Ceramics and Prism Johnson. Among the top rising stocks, JBM Auto gained nearly 13%. Manappuram Finance gained 6%, Hindustan Copper gained about 5.7%, while KNR Construction also saw strong gains of about 6%.
Will Nifty close higher for the fourth consecutive day?
– Holiday environment in the market, low volume
Resistance at higher level due to selling by FIIs in cash segment
– Support at lower levels from F&O purchases by FIIs and purchases by DIIs.
Caution is being taken due to the monthly expiry of Sensex.
– Nifty 26035-26125, Bank Nifty 59000-59125 support range
– Nifty 26200-26300, Bank Nifty 59450-59550 resistance range
The market opened with a weak start. Sensex fell by more than 100 points, while Nifty was also trading around 25,150 with a loss of about 25 points. However, after some time the market recovered. Despite this, the market continued to trade in a range throughout the day.
Shortly after opening, the Sensex rose by more than 130 points to around 85,654. Nifty was up 40 points above 26,200. IT and pharma indices were down, but indices like realty, private bank and consumer durables were up. Good growth was seen in the broader market. Compared to the previous closing, the Sensex opened 9 points higher at 85,533. Nifty opened 7 points down at 26,170, and Bank Nifty opened 23 points up at 59,322. There was some strength in the currency market. Rupee opened 9 paise stronger at 89.56/$.
