In the highly volatile session, the market erased all the intraday gains and ended lower amid selling seen in the IT, metal, media, oil & gas names.
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.
In the month of April 2024, the BSE Sensex and Nifty50 indices rose 1 percent each.
After a positive start, the market extended its gains as the day progressed with Nifty hitting a fresh high, while Sensex also went closer to its record level of 75,124.28 led by auto, power, and realty stock. But the final hour selling erased all the gains.
Nifty Midcap 100 and Nifty Bank indices also touched their record highs, intraday.
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 broader indices outperformed the benchmarks with BSE midcap index touched fresh high and ended 0.5 percent higher, while the smallcap index ended on a flat note.
The market will remain shut on May 1 on account of Maharashtra Day.
Among individual stocks, a volume spike of more than 300 percent was seen in TEC, Jubilant Foodworks and Exide Industries.
A long build-up was seen in REC, PFC and M&M, while a short build-up was seen in IOC, Birlasoft and Aditya Birla Capital.
Ashok Leyland, Axis Bank, BHEL, Eicher Motors, Exide Industries, Godrej Industries, Grasim Industries, ICICI Bank, Just Dial, LIC Housing Finance, M&M, Samvardhana Motherson International, Muthoot Finance, Polycab India, Power Grid Corporation, SBI, Shakti Pumps, Supreme Industries, Tejas Networks, Trent, Usha Martin, Vesuvius India, Zen Technologies, among other stocks, that touched their 52-week high on the BSE. Click to view full list
Outlook for May 2
Aditya Gaggar Director of Progressive Shares
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.
Rupak De, Senior Technical Analyst, LKP Securities
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.
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