Closing Bell: Sensex falls 53 points, Nifty ends below 15,750; mid, smallcaps outperform

Taking Stock | Sensex, Nifty End Lower Amid Weak Global Cues; Mid & Small-caps Buck The Trend

Midcaps and smallcaps outperformed as the BSE Midcap index closed with a gain of 0.38 percent and the smallcap index ended 0.93 percent higher.... Read More

Markets ended almost unchanged in a volatile trading session, in absence of any major trigger. The benchmark started on a flat note but selling pressure in the banking majors pushed the index lower in the first hour of the trade. As the day progressed, Nifty gradually inched higher, thanks to buying interest in IT, FMCG and healthcare majors and finally settled at 15,740 levels. The broader markets continued their outperformance and ended on a positive note in the range of 0.4-0.9%

In absence of any trigger, we may see further consolidation in the index thus it’s prudent to continue with a stock-specific trading approach. Needless to say, stability in the banking index is critical for further directional move in Nifty else the lackluster move would continue.

Rupee traded flat as the capital market along with dollar index were muted in trade. Also, the Crude price sitting on the sideline around USD 70 traded in a small range for the past couple of days. The range ahead in USDINR will be seen between 72.75-73.25.

While the markets are facing resistance at higher levels, it has a good support at 15600 and as long as that is holding on a closing basis, the market trend remains bullish. Any intra day drop or correction can be utilized by traders to accumulate long positions on the index. 15900-16000 is a prospective target for the Nifty.

Indian rupee ended lower at 72.88, amid volatile trade saw in the domestic equity market.It opened marginally higher at 72.78 per dollar against previous close of 72.81 and traded in the range of 72.76-72.91.

Today's trade clearly belonged to the midcap bulls as we saw both high-quality midcaps across sectors together with smallcaps rallying on sustained buying interest. Advance-declines too was encouraging today with buying seen across a wide array of stocks. Power stocks saw high activity with all three entities recording gains with high volumes.

Headline indices the Sensex and the Nifty ended lower on May 8, with banks and financial heavyweights such as HDFC twins, ICICI Bank, Kotak Mahindra Bank, State Bank of India and Axis Bank as top drags.

Sensex closed 53 points, or 0.10 percent, lower at 52,275.57 while the Nifty settled with a nominal loss of 12 points, or 0.07 percent, 15,740.10.

Midcaps and smallcaps outperformed as the BSE Midcap index closed with a gain of 0.38 percent and the smallcap index ended 0.93 percent higher.

BSE Metal index closed 1.38 percent lower. BSE Bankex ended 0.96 percent down and the finance index fell 0.68 percent.

The market witnessed the continuation of lackluster movement and a reversal from an important support level of 15,700. Trading above 15,700 is positive from a short-term perspective. The market is expected to gain momentum, leading to an upside projection till 15,870-15,900 level. The momentum indicators like RSI and MACD are supporting the trend, indicating potential upside from the currentlevel.

Birlasoft on June 8 said it has partnered with Regulativ.ai, to co-develop a new AI/ML-based cyber-regulatory reporting platform.

Birlasoft believes that the Regulativ.ai platform fits well with the company’s focus to grow the banking, financial services, and insurance segments, where cybersecurity is a key focus.

In addition, as organizations across other regulated industries accelerate their digital transformation, cybersecurity becomes fundamental for future business resiliency.

Shares of Birlasoft jumped more than 7 percent to hit their fresh 52-week high of Rs 367.60 on BSE in intraday trade.

More than 550 stocks, including D B Corp, Majesco, Neuland Laboratories, Somany Home Innovation, Reliance Infrastructure, Bajaj Hindusthan Sugar and Reliance Power, hit their upper circuits on BSE in intraday trade today.

More than 525 stocks, including NTPC, Titan, ACC, UPL, Wipro, Tata Consumer Products, Adani Power, Balkrishna Industries, Birlasoft, Fortis Healthcare, HPCL, Indo Count Industries, Indian Overseas Bank, Indian Oil, Laurus Labs, Mindtree, Reliance Power, Reliance Infrastructure, Torrent Power and Tata Power, hit their 52-week high on BSE in intraday trade today.

Crude oil prices traded lower with benchmark NYMEX WTI crude oil prices were trading 0.85% down at $68.64 per barrel for the day. MCX Crude oil June futures fell by 0.81% at Rs. 5007 by noon.

Crude oil prices are expected to trade sideways to down for the day with resistance at $70 and support at $67 per barrel. MCX Crude oil June has support at Rs 4930 and resistance at Rs 5060.