The market ended lower amid volatility on the first day of the August F&O series on July 30 but buying in auto and pharma names minimised the losses. At close, the Sensex was down 66.23 points, or 0.13 percent, at 52,586.84, and the Nifty slipped 15.50 points, or 0.10 percent, at 15,763.
For the week, the Sensex and the Nifty were down 0.7 percent and 0.58 percent but gained 0.19 and 0.26 percent, respectively, in July.
"The index is getting nervous at higher levels and today was no different. Every time it goes closer to the 15,900 level, it is facing bouts of selling pressures as a result of which it takes a U-turn and collapses," said Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments.
Short and medium term supports lie at 15,600 and 15,400, respectively, and as long as Nifty holds them on a closing basis, the propensity of the market will be on the upside, he added.
Among sectors, the Nifty pharma index added 3.6 percent, while the auto index rose nearly a percent. Some selling was seen in the metal and financial names.
BSE midcap and smallcap indices rose 0.5 percent each.
Sun Pharma, Tech Mahindra, Cipla, Shree Cements and Adani Ports were the top Nifty gainers. Hindalco, Bajaj Finance, SBI Life Insurance, Bajaj Finserv and SBI were among the top losers.
Stocks & sectors
On the BSE, the pharma index rose over 2 percent and the auto index added nearly a percent, while the metal index shed 1 percent.
Among individual stocks, a volume spike of more than 200 percent was seen in Sun Pharma, Dr Lal PathLabs and Marico.
A long buildup was seen in SRF, Ashok Leyland and Sun TV Network, while a short buildup was seen in Dr Lal PathLabs, Aditya Birla Fashion and Metropolis Healthcare.
More than 450 stocks, including NALCO, Sun Pharma and Tech Mahindra, hit a fresh 52-week high on the BSE.
Technical View
The Nifty formed a small-bodied bearish candle on the daily scale and a bearish hammer pattern on the weekly frame.
The Nifty has to hold above 15,750 to witness an up move towards 15,850 and 15,962, while on the downside, support exists at 15,700 and 15,600 levels, said Chandan Taparia, Vice President, Analyst-Derivatives, Motilal Oswal.
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