Sensex Falls 16 Points, Nifty Ends At 19,480
The BSE benchmark Sensex fell 16 points or 0.03 per cent to settle at 64,942, while the NSE Nifty dropped 7 points or 0.03 per cent to end at 19,480.
Gains from Axis Bank, Sun Pharma and SBI were offset by index heavyweights Reliance Industries, HDFC Bank and Bajaj Finance.
Among sectors, Nifty Pharma surged 1.3 per cent and was the top sectoral gainer, while Nifty Healthcare surged 1 per cent. Nifty Bank, FMCG, Metal, and Oil & Gas also ended higher. On the other hand, Nifty Auto, Media, Realty and Consumer Durables closed in the red. In the broader market, Nifty Midcap100 gained 0.28 per cent, while Smallcap100 advanced 0.75 per cent.
The market breadth was skewed in the favour of the bulls. About 1,929 stocks gained, 1,760 declined and 124 remained unchanged on the BSE.
FII and FPIs, on Monday, saw net sales of Rs 497.21 crore in the cash segment. A total of Rs 8,077.86 crore was sold against a total purchase of Rs 7,580.65 crore. Domestic institutional investors saw a net purchase of Rs 700.28 crore in the cash segment. A total of Rs 7,895.73 crore was sold against a total purchase of Rs 8,596.01 crore.
Meanwhile, the market witnessed some resistance at higher levels as caution prevails due to the start of the key state elections, and further negative global cues on account of a more-than-expected fall in Chinese exports, highlighting a continued slowdown in global trade.
Despite the extension of supply cuts by Saudi Arabia and Russia, crude oil prices moderated, a positive for India amid geopolitical tension. This, along with the moderation in US bond yields and the positive ongoing earnings season, will support long-term returns.
Technically, the important key resistances placed in October Nifty future are at 19,480 levels, which could offer the market on the higher side. Sustainability above this zone would signal opens the door for a directional upmove with immediate resistances seen at 19,505 – 19,575 levels. Immediate support is placed at 19,373 – 19,303 levels.
