Market Closing Bell: Domestic indices NSE Nifty 50 and BSE Sensex closed in the red on Thursday, erasing all morning gains. After touching an intraday high of 19,584.45, the NSE index crashed over 1% or 200 points to settle at 19,386.70. Sensex settled lower by 180 points at 65,252.34. In the broader markets, while Nifty Midcap 100 outperformed, Nifty Smallcap slipped 0.35%. Sectorally, after opening in the green, the indices ended mixed. Nifty IT gained 0.6% on favourable Nvidia earnings, while Bank Nifty closed flat. Metals, pharma and PSU banking counters ended lower, while FMCG and media stocks fared better.
Technical Outlook
“Technically, the Nifty has formed a bearish candle, which is largely negative. For bulls, 19470 would act as an immediate resistance zone, and if the index is trading below the same, the weak sentiment is likely to continue and could retest the level of 19325-19300. On the flip side, post 19500 breakout the market could rally till 19600-19625,” Shrikant Chouhan, Head of Research (Retail), Kotak Securities said.