Stock market highlights: An eventful day for the markets, where the benchmark Nifty50 index reclaimed the 16,000-mark in the intra-day trade for the first time since June 10, met with an anti-climatic end. Equities erased gains and ended lower on Tuesday after US stock futures suggested weaker opening for Wall Street later tonight.
The S&P BSE Sensex zoomed 631 points during the day, but settled 100 points, or 0.19 per cent, lower at 53,134. The Nifty50, too, hit a high of 16,026 intra-day, before closing at 15,811, down 26 points or 0.15 per cent.
PowerGrid, Shree Cement, Apollo Hospitals, Hindalco, Bajaj Finserv, ONGC, Tata Motors, and HUL were the top gainers on the 50-pack index, while ITC, Wipro, HDFC Life, Britannia Industries, Maruti Suzuki, and M&M were the top draggers.
Overall, the Nifty Metal index was the best performing sectoral index today, up 0.3 per cent. On the flipside, the Nifty IT index slipped 0.7 per cent.
In the broader markets. the BSE MidCap index fell 0.4 per cent, but the BSE SmallCap inde rose by 0.2 per cent. Little over 1,700 stocks advanced on the BSE today, as against around 1,570 stocks that closed in the red.
Despite the selling, the Nifty held above the near-term moving averages.
The trend is likely to remain positive as long as it sustains above 15800. On the higher end resistance is visible at 16000/16200.
Views by Rupak De, Senior Technical Analyst at LKP Securities
Closing view: Uncertainty on recession, tightening monetary policy weighing on markets
The current trend in the global market indicates that the uncertainties around recession and tightening monetary policy continues to haunt investors’ confidence.
Dollar index opened sharply high affecting the performance of emerging currencies, depreciating INR.
Views by Vinod Nair, Head of Research at Geojit Financial Services