Benchmark indices saw a day of profit booking on May 13 - a day after a record rally - with the Nifty 50 index slipping below 24,600 as IT, FMCG, auto and banking names weighed while smallcap index extended gains.
At close, the Sensex was down 1,281.68 points or 1.55 percent at 81,148.22, and the Nifty was down 346.35 points or 1.39 percent at 24,578.35. BSE Midcap index ended flat, while Smallcap index added one percent.
Tuesday's fall has eroded Rs 1.28 lakh crore worth of investors' wealth in one session.
Overnight, Wall Street’s three major indices rose sharply on May 12 with the S&P 500 marking its highest level since early March as a US-China agreement to temporarily cut tariffs brought hopes of easing the trade war ignited by President Trump in early April.
Asian stocks followed gains in US equities on optimism the US-China trade truce marks the end to an all-out tariff war, while European indices were trading with little change.
Among sectors, capital goods, media, PSU Bank, pharma indices rose 1-1.6 percent, while IT, metal, FMCG, oil & gas, realty indices shed 0.9-2.5 percent.
Power Grid Corp, Infosys, Eternal, TCS, HCL Technologies were among top losers on the Nifty, while gainers included Bharat Electronics, Jio Financial, Hero MotoCorp, Dr Reddy's Labs and Sun Pharma.
In stock-specific action, Care Ratings’ share gained more than 13 percent on strong Q4FY25 numbers, KFin Technologies shares slipped nearly 6 percent after large block deals, Swiggy shares fell 3 percent after 5% equity change hands in two blocks, JM Financial’s shares added 4 percent on profit growth and Hero Moto shares gained 1.5 percent on reporting better numbers in Q4FY25.
| Index | Prices | Change | Change% |
|---|---|---|---|
| Sensex | 84,135.09 | 667.43 | +0.80% |
| Nifty 50 | 25,771.05 | 185.75 | +0.73% |
| Nifty Bank | 57,781.60 | 359.05 | +0.63% |
| Biggest Gainer | Prices | Change | Change% |
|---|---|---|---|
| Asian Paints | 2,526.50 | 116.80 | +4.85% |
| Biggest Loser | Prices | Change | Change% |
|---|---|---|---|
| Wipro | 241.28 | -12.53 | -4.94% |
| Best Sector | Prices | Change | Change% |
|---|---|---|---|
| Nifty FMCG | 56778.20 | 924.30 | +1.65% |
| Worst Sector | Prices | Change | Change% |
|---|---|---|---|
| Nifty IT | 35109.40 | -421.70 | -1.19% |
More than 70 stocks on the BSE tested 52-week high including, Godfrey Phillips, Redington, City Union Bank, Dalmia Bharat, APL Apollo Tubes, Aster DM Healthcare, Bharti Hexacom among others. Click to View More
Outlook for May 14
Rupak De, Senior Technical Analyst at LKP Securities
The index slipped lower as traders booked short-term profits. However, sentiment is likely to remain positive in the near term, despite some profit-taking following the recent sharp rise. The index continues to trade above the short-term moving average, confirming a bullish trend. Additionally, it has been sustaining above the previous consolidation zone. In the short term, the index may continue its upward movement with the potential to reach 25,350. On the downside, support is placed at 24,400. A buy-on-dips strategy may be favorable as long as the index remains above this level.
Ajit Mishra – SVP, Research, Religare Broking
Markets took a breather after a phenomenal start to the week, ending the session with a loss of over one percent. After a flat opening, the Nifty index gradually drifted lower throughout the day and finally settled at 24,578.35. Profit-taking was evident across the board, with IT, FMCG, and auto sectors emerging as the top losers. In contrast, stocks from PSU banking, pharma, and the defense space managed to edge higher. The broader markets showed a mixed trend, with the small-cap index ending in the green, while the mid-cap index closed nearly unchanged.
The dip in the index reflects caution among participants despite easing geopolitical tensions and stable global cues. However, we expect the overall tone to remain positive, given the noticeable support in the 24,400–24,600 zone. The focus should remain on identifying key sectors and themes showing relative strength and using intermediate pauses to accumulate quality stocks.
Shrikant Chouhan, Head-Equity Research, Kotak Securities
Today, the benchmark indices witnessed profit booking at higher levels. The Nifty ends 346 points lower, while the Sensex was down by 1281 points. Among sectors, the Defense index outperformed, rallied 4.10 percent, whereas the IT index lost the most, shed nearly 2.5 percent.
Technically, after a muted open, the market consistently faced selling pressure at higher levels. On daily charts, it has formed a bearish candle, which supports temporary weakness. However, the short term texture of the market is still in to the positive side. For traders now, 24,500/81000 and 24,450/80800 would act as key support zones. If the market succeeds in trading above these levels, it could retest the level of 24,800–24,900/81800-82000. On the flip side, below 24,450/80800, the uptrend would become vulnerable. If the market falls below this level, traders may prefer to exit their long positions.
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.
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