The Indian equity indices failed to hold on to early gains and ended 1.5 percent lower in the volatile session on November 28, with Nifty closing below 24,000 amid November F&O expiry and geopolitical tensions.
At close, the Sensex was down 1,190.34 points or 1.48 percent at 79,043.74, and the Nifty was down 360.70 points or 1.49 percent at 23,914.20.
In today's fall, investors' wealth eroded by around Rs 92,801 crore, as the market capitalization of BSE-listed companies slipped to Rs 443.55 lakh crore, from Rs 444.48 lakh crore in the previous session.
SBI Life Insurance, HDFC Life, Infosys, M&M, and Bajaj Finance were among the top losers on the Nifty, while gainers included Adani Enterprises, Shriram Finance, SBI, and Cipla.
On the sectoral front, auto, bank, IT, FMCG, metal pharma, and energy shed 0.3-2 percent, while the PSU bank index gained 1 percent and the media index went up 0.3 percent.
The BSE midcap index ended flat and Smallcap index was up 0.4 percent.
Around 200 stocks touched their 52-week high on the BSE, including, KEC International, EID Parry, Laurus Labs, Paytm, Caplin Labs, eClerx Services, HDFC Bank, among others. Click To View More
Outlook for November 29
| Index | Prices | Change | Change% |
|---|---|---|---|
| Sensex | 85,629.58 | -77.09 | -0.09% |
| Nifty 50 | 26,171.00 | -31.95 | -0.12% |
| Nifty Bank | 59,697.55 | -55.15 | -0.09% |
| Biggest Gainer | Prices | Change | Change% |
|---|---|---|---|
| Adani Ports | 1,532.70 | 15.80 | +1.04% |
| Biggest Loser | Prices | Change | Change% |
|---|---|---|---|
| Bajaj Finance | 1,023.30 | -14.20 | -1.37% |
| Best Sector | Prices | Change | Change% |
|---|---|---|---|
| Nifty Auto | 27898.80 | 124.20 | +0.45% |
| Worst Sector | Prices | Change | Change% |
|---|---|---|---|
| Nifty Pharma | 22908.20 | -90.10 | -0.39% |
Jatin Gedia – Technical Research Analyst at Mirae Asset Sharekhan
Nifty opened on a flat note and witnessed a sharp selloff thereafter. It closed in the red down ~361 points. On the daily charts we can observe that the consolidation of the last three trading sessions has broken down and filled the gap area formed on the 25th Nov between 23950 – 24150. Crucial retracement levels are placed at 23935 – 23807 which is likely to act as a strong support zone and potentially an uptrend resumption zone. Overall, the trend remains positive, and we expect the Nifty to resume its upmove towards 24400.
Bank Nifty also broke out of the consolidation range on the upside, however fizzled out to close in the red down ~395 points. It is holding on to its crucial hourly moving averages 51800. Also, the gap area in the zone 51200 – 51800 shall act as a crucial support zone from short term perspective. Overall, this fall is unlikely to result in resumption of the fall.
Aditya Gaggar Director of Progressive Shares
Ultimately, the range of 24,140-24,350 is breached but unfortunately on the lower side. After a sudden fall in the opening trade, there was no sign of any reversal and the Index kept on compounding its losses and filled the bullish gap zone to end the session at 23,914.15 with a loss of 360.75 points. Barring PSU Banks, Media, and Realty all the other sectors settled the trade in red with IT and Auto being the major underperformers.
Today's fall was limited to the Index stocks only which resulted in an outperformance by the Mid and Smallcaps segments.
On the daily timeframe, Nifty50 has formed a bearish candle but it appears that it is forming a right shoulder of an Inverted Head and Shoulder pattern and a strong close above 24,350 will confirm the pattern breakout. For now, the immediate resistance and support are at 24,140 & 23,76
Disclaimer: The views and investment tips expressed by investment 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.
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