Another highly volatile session on Dalal Street saw benchmark indices Nifty 50 and Sensex end with mild cuts, extending the losing streak to seventh day in a row, longest such period of fall in three months.
After a flat-to-positive start, key indices extended gains as investor sentiment improved, helped by global as well as domestic cues such as retail inflation cooling off to a five-month low, and fall in crude prices on reports of progress to end the Ukraine-Russia war.
Key indices also got a boost from a broad-based buying across sectors, but saw profit-booking in the second half to close the day on a flat note.
At close, BSE Sensex was down 32.11 points or 0.04 percent at 76,138.97, and the Nifty 50 was down 13.85 points or 0.06 percent at 23,031.40.
Tata Steel, Sun Pharma, Bajaj Finance, Cipla, Bajaj Finserv were among the top gainers on Nifty 50, while top losers were Adani Enterprises, Hero MotoCorp, Adani Ports, Infosys and ONGC.
The Midcap index ended flat, while smallcap index shed 0.4 percent.
On the sectoral front, media, metal, pharma, realty rose 0.5-1 percent, while auto, FMCG, IT, consumer durables, PSU Bank shed 0.3-1 percent.
More than 230 stocks touched their 52-week low on BSE, including FDC, KIOCL, Varun Beverages, PI Industries, Balaji Amines, SKF India, Bharat Forge, Colgate Palmolive, Godrej Consumer, Cera Sanitary, Hero MotoCorp, Alembic Pharma, Shoppers Stop, among others. Click here to view full list
Outlook for February 14
Aditya Gaggar, Director of Progressive Shares
Today's trade witnessed an inverted V-shaped movement in the market. The index experienced a slight dip at opening, but quickly surged higher to test the 23,200 level. After a period of range-bound activity near this level, we saw a sudden drop, causing the index to lose all the early gains and ultimately settle at 23,031.40 with a loss of 13.85 points.
The Pharma and Metal sectors were the top performers, while IT and PSU Banks lagged. A notable divergence was observed in the broader market, with Midcaps holding onto their gains, while Smallcaps ending in the negative.
On the daily chart, the Nifty 50 index formed consecutive Doji candlestick (Long-Legged Doji followed by Gravestone Doji), signaling uncertainty, while also defending 23,200 on the upside and 22,800 on the downside. A decisive move on either side is necessary for a clearer direction.
Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities
After showing a sustainable upside bounce from the lower support of 22800 levels on Wednesday, Nifty failed to sustain the intraday gains on Thursday and closed the day lower by 13 points. After opening with a positive note, the market moved up further in the early part of the session. Nifty was not able to sustain above the hurdle of 23200 levels, it fell from the highs and closed at the lows.
A small red candle was formed on the daily chart with long upper shadow. Technically, this market action indicates a lack of strength in the upside bounce of the market.
The short-term trend of Nifty remains positive, but the market is lacking its strength to surpass immediate hurdles. A decisive move above 23250 levels could confirm near term bottom reversal pattern in the market. Immediate support is placed at 22800 levels.
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