Closing Bell: Sensex down 189 points, Nifty at 22,600; IT, metal major drag

Indian benchmark indices erased all the intraday gains and ended in the negative zone in the highly volatile session. At close, the Sensex was down 188.50 points or 0.25 percent at 74,482.78, and the Nifty was down 38.60 points or 0.17 percent at 22,604.80

We wrap up today's edition of the Moneycontrol live market blog, and will be back Thursday morning with all the latest updates and alerts. Please visit www.moneycontrol.com/markets/global-indices for all the global market action.

Taking Stock: Nifty fails to hold on to record high; Sensex down 189 points

The market will remain shut on May 1 on account of Maharashtra Day.... Read More

Nifty witnessed selling pressure as it encountered resistance near the previous swing high, resulting in a weak closing. Other indicators such as the 20-day Simple Moving Average (SMA) and the 50-day SMA are positioned below the index value, suggesting that the ongoing positive trend remains intact. The Relative Strength Index (RSI) also indicates a bullish crossover.

Over the next few days, the trend in the headline index might remain sideways unless it breaks above the all-time high of 22783. On the downside, immediate support is placed at 22500, below which the index might decline further.

Extending the positive momentum, Indian equities commenced the session on a firm note and were seen compounding their gains for most of the session but a sharp reversal in the last hour of trade dragged the Index lower to settle the session in red at 22,604.85.

Among the sectors, Auto was the top gainer of the day followed by Realty; and on the flip side, IT extended its southward journey while Metal segment witnessed a round of profit booking.

At record levels, the Index has made a bearish candle with a probable divergence in the RSI (not yet confirmed).

A break and close above today's high will negate the candlestick implications while trade below 22,500 will drag the index further lower to the 22,400-22,360 zone.

Indian rupee ended marginally higher at 83.43 per dollar on Tuesday against Monday's close of 83.47.

: Indian benchmark indices erased all the intraday gains and ended in the negative zone in the highly volatile session.

At close, the Sensex was down 188.50 points or 0.25 percent at 74,482.78, and the Nifty was down 38.60 points or 0.17 percent at 22,604.80. About 1987 shares advanced, 1623 shares declined, and 141 shares unchanged.

M&M, Power Grid Corporation, Shriram Finance, Hero MotoCorp and Bajaj Auto were among the top gainers on the Nifty, while losers were Tech Mahindra, BPCL, JSW Steel, HCL Technologies and Sun Pharma.

Among sectors, IT, metal, media, oil & gas, healthcare down 0.4-1 percent, while auto, power and realty up more than a percent each.

The BSE midcap index rose 0.5 percent, while the smallcap index ended on a flat note.

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-Target raised to Rs 1,025
-PAT beat estimate by 18 percent led by stronger disbursement linked fee income, lower credit costs
-Management cited that focus will be to have good balance of loan growth pick up & profitability
-Management cited that focus will be on improvement via focus on granular loans

Oil steadied on Tuesday after the previous day's drop as Israel-Hamas talks offered hopes of a ceasefire even as Red Sea attacks continued, while investors awaited signals on U.S. interest rates ahead of a key meeting on Wednesday.

Brent crude futures rose 27 cents, or 0.3%, to $88.67 a barrel, while U.S. West Texas Intermediate crude futures gained 30 cents, or 0.4%, to $82.93 a barrel.

The front-month contract of both benchmarks lost more than 1% on Monday.

-Q4 beat on topline and margin
-Management says, will continue to expand & deepen store presence
-Operating EBIT margin for fashion business improved to 8.2 percent, YoY
-Gross margin for both formats were consistent with prior trends
-Grocery format saw continued improvement in customer traction & sales densities

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