08 May , 2024 By : Debdeep Gupta
BSE Sensex and Nifty 50 recovered from the morning losses but were still trading weak at mid-day on May 8, with IT and financial services under pressure. Worries about lower voter turnout and the possibility of a weaker NDA win kept the indices cautious.
The broader market underperformed the benchmark indices with BSE Smallcap and Midcap falling 0.4 percent each.
At noon, the Sensex was down 65 points or 0.1 percent at 73,447, and the Nifty was nearly flat at 22,295. About 1,919 shares advanced, 1,202 shares declined, and 108 shares unchanged.
Sectoral Trend
HDFC Bank and ICICI Bank dragged down Nifty Private Bank causing the index to fall 0.6 percent. On the other hand, oil and gas companies rose leading Nifty Energy to rise over 1 percent.
Fundamental View
"Market pressure, fueled by uncertainty over the election outcome and heightened volatility, is poised to drive domestic benchmark indices lower," Shrey Jain, Founder and CEO of SAS Online said in a mid-market note.
Technical View
On the downside, Nifty 50 is expected to find solid support at 22,100-22,000 levels, said Hrishikesh Yedve, AVP of Technical and Derivatives Research at Asit C. Mehta Investment Intermediates. "On the upside, the index will continue to face stiff resistance at 22,800."
Overall, Nifty 50 could consolidate in the 22,000-22,800 range in the short term, he said. "In the immediate term, 22,100 and 22,000 will serve as solid support levels, while 22,500 and 22,800 will operate as obstacles to the index," he added.
Key Nifty gainers
BPCL, Coal India, NTPC, Power Grid
Key Nifty losers
Dr Reddy's, Asian Paints, HUL, HCLTech
Key Sensex gainers
NTPC, Power Grid, Tata Steel, Tata Motors
Key Sensex losers
Asian Paints, HUL, HCLTech, HDFC Bank
Stock moves
Pidilite Industries: Shares fell over 5 percent a day after the adhesives, sealants, and construction materials manufacturer reported a mixed set of numbers for the quarter ended March 2024.
Voltas: Shares nosedived 8 percent in early trade after its net profit for the quarter ended March skidded 19 percent on-year.
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