Headline indices Nifty 50 and Sensex continued to face a choppy session in trade on April 30, as bulls took a breather following the soaring rally seen earlier this month. Analysts expect the benchmarks to consolidate going ahead, given their overbought conditions.
At 11:47 am, the Sensex was down 48.57 points or 0.06 percent at 80,239.81, and the Nifty was down 20.45 points or 0.08 percent at 24,315.50. About 1046 shares advanced, while 2179 shares declined, indicating the market breadth was in favour of the bears and 120 shares remained unchanged.
The broader markets underperformed, as Nifty Midcap 100 slipped 0.2 percent, while Nifty Smallcap recorded almost one percent in losses.
The sectoral indices traded mixed. Real estate stocks led the gains, with the index soaring three percent, with the FMCG, pharma and metal packs reporting mild gains. On the flip side, the Nifty PSU Bank index cracked two percent, while media and IT counters also tumbled.
The fear gauge, India VIX, spiked three percent to 17.87, indicating high levels of volatility and uncertainty in the market.
Follow our market blog to catch all the live updates
The headline indices have soared nearly 10 percent from April lows, as bulls found optimism despite geopolitical and socioeconomical uncertainties, as a result of U.S. President Donald Trump's tariffs. However, the markets have taken a breather, eking out minor gains over the past five sessions.
Analysts suggest the markets are falling into a consolidation phase. April 29 marked the fifth consecutive session where the index failed to pierce through resistance, signaling that sellers are asserting dominance near higher levels and that cautious sentiment still prevails. Persistent intraday profit-booking from upper zones indicates that bears remain active and unwilling to relent just yet.
"Nifty seems to be entering a phase of time-wise consolidation — provided it maintains its foothold above crucial support levels. Technically, the index has carved out a defined range between 23,800 to 24,450 over the last seven sessions, oscillating within this pivotal channel that could dictate the next directional move," noted Dhupesh Dhameja, Derivatives Research Analyst, SAMCO Securities.
"We believe the current consolidation will help the index work off the overbought condition developed after the recent strong rally. Stock specific action will continue to remain in focus as we progress through the Q4 earnings season," noted Bajaj Broking.
Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
