| Index | Prices | Change | Change% |
|---|---|---|---|
| Sensex | 85,138.27 | -503.63 | -0.59% |
| Nifty 50 | 26,032.20 | -143.55 | -0.55% |
| Nifty Bank | 59,273.80 | -407.55 | -0.68% |
| Biggest Gainer | Prices | Change | Change% |
|---|---|---|---|
| Asian Paints | 2,954.40 | 86.80 | +3.03% |
| Biggest Loser | Prices | Change | Change% |
|---|---|---|---|
| Interglobe Avi | 5,697.50 | -96.50 | -1.67% |
| Best Sector | Prices | Change | Change% |
|---|---|---|---|
| Nifty Pharma | 22905.00 | 17.20 | +0.08% |
| Worst Sector | Prices | Change | Change% |
|---|---|---|---|
| Nifty Bank | 59273.80 | -407.50 | -0.68% |
The short term momentum has rolled in favor of the bears. The selling pressure was seen in the broader market as well & is likely to intensify going ahead. Structurally the Nifty is set for a significant decline with initial target area at 9050-9000. On the higher side, 9400-9450 will continue to pose as a resistance zone.
We feel the muted earnings combined with looming uncertainty over the economic situation due to extended lockdown have started haunting the participants. Besides, global cues are further adding to their worries. In such a scenario, it’s prudent to maintain a “bottom-up” approach and use correction to accumulate quality names in a staggered manner. On the other hand, traders should align their position according to the market trend.
On a daily chart, the index has formed an Abandon Baby Candlestick which is a bearish reversal formation and indicates a downside movement. At present level, the index has strong resistance at 9450 while downside good support comes at 9170-9000 level.
Technically, with the Nifty correcting further after the sharp correction seen in the previous session, the bears remain in control for the near term. Further downsides are likely once the immediate support of 9,191 is broken towards 8,909. Any pullback rallies could find resistance at 9,396.
Markets traded volatile with benchmark indices closing negative. Losses were led by financials. Markets are trading uncertain regarding the impact of lockdown measures and its effect on earnings. Investors are advised to trade cautiously tracking the global markets and stock specific earnings commentary.
: Indian indices witnessed a profit booking and ended lower for the second consecutive day on May 5 butNifty mange to hold above 9200 level.
At close the Sensex was down 261.84 points or 0.83% at 31453.51, while Nifty was down 87.90 points or 0.95% at 9205.60. About 858 shares have advanced, 1504 shares declined, and 186 shares are unchanged.
SBI, Bajaj Finance, Britannia Industries, Asian Paints and Tata Motors were among major losers on the Nifty, while gainers were M&M, Power Grid Corp, ONGC, Zee Entertainment and Reliance Industries.
Except energy and infra all other sectoral indices ended in red. BSE Midcap and Smallcap indices fell 1 percent each.
: The share price of Graphite India was up almost 3 percent on May 5 after company started partial operations at its graphite electrode plant in Durgapur, West Bengal, impervious graphite equipment plant in Ambad and GRP plant in Gonde, Maharashtra.
Tata Motors' JLR US sales fell 60.1% at 3,722 units against 9,321 units, YoY, reported CNBC-TV18.
The company's net profit was up 16% at Rs 530.7 crore against Rs 458 crore, while net premium income was up 4.7% at Rs 11,863 crore versus Rs 11,333 crore, YoY, reported CNBC-TV18.
Tata Motors JLR UK sales was at 475 units versus 8,295 units, YoY, reported CNBC-TV18.
Indian indices erased all the gains and trading lower with Nifty below 9200.
At 15:05 IST, the Sensex was down 283.87 points or 0.90% at 31431.48, and the Nifty was down 94.10 points or 1.01% at 9199.40. About 817 shares have advanced, 1389 shares declined, and 146 shares are unchanged.
