In a volatile session, the Indian equity benchmarks ended lower for the third straight day on April 19 amid selling in information technology (IT), power and financial names.
At close, the Sensex was down 159.21 points, or 0.27%, at 59,567.80 and the Nifty was down 41.40 points, or 0.23%, at 17,618.80.
After a flat start, the market extended losses as the day progressed, dragging the Nifty below the psychologically vital 17,600 mark but some last-hour buying helped the indices close off the day’s low.
Stocks and Sectors
HCL Technologies, Infosys, IndusInd Bank, SBI Life Insurance and Wipro were among the top losers on the Nifty, while gainers included BPCL, Divis Laboratories, Bajaj Auto, Axis Bank and M&M.
On the sectoral front, information technology and power indices lost a percent each. Buying was seen in metal, oil & gas and pharma names.
The BSE midcap and smallcap indices ended flat.
NCC, Polycab India, Saksoft, Dr Reddy's Laboratories, Dalmia Bharat and Glenmark Pharmaceuticals were among the BSE stocks to touched their 52-week highs.
A short buildup was seen in ICICI Lombard General Insurance Company, Balkrishna Industries and RBL Bank, while a long build-up was seen in Jindal Steel, BPCL and TVS Motor Company.
Among individual stocks, a volume spike of more than 300 percent was seen in Grasim Industries, Balrampur Chini Mills and NMDC.
Also Read: Mankind Pharma IPO shares trade with single-digit premium in grey market
Outlook for April 20
Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities
While the markets have seen FIIs pare equity exposure in the last few sessions, the dismal earnings show from frontline IT companies has been a sour point, leading to broad-based selling, especially in IT counters.
The Nifty is trading near the 200-day simple moving average (SMA) and the texture suggests a strong possibility of a fresh rally but only after the dismissal of 17,675, above which, the index can retest 17,800-17,825.
But as long as the index tradies below 17,675, the correction will continue and the index can slip to 17,500-17,475.
Prashanth Tapse, Senior VP (Research), Mehta Equities
The Nifty has been falling for the past three days as a result of deteriorating risk sentiment globally and growing investor anxiety about a probable recession. The downward trend has also been influenced by Infosys and TCS' dismal Q4 reports.
Pharma, metal, and realty indices saw some buying. The Nifty Metal index outperformed, while the IT Index underperformed.
With support at 17,573 and resistance at 17,863, the Nifty is likely to stay choppy and volatile. Strength will only be confirmed above 17,863. The 21, 50 and 200 DMAs are being examined by professional analysts for any indications of trends, which are at present neutral. The overall range for the Nifty is expected to be between 17,500 and 17,750.
Disclaimer: The views and investment tips expressed by 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!
