Mid-day Mood | Sensex, Nifty trade in red, broader market sees mixed trend

Indices weak; broader market mixed

The Sensex and the Nifty continued to trade weak around noon on March 26 amid muted global cues. Analysts expect the market to remain rangebound this week with slight volatility.

"As it is a truncated week with just three trading sessions and monthly expiry, it would be crucial to track global developments to have an immediate effect on our markets," said Sameet Chavan, chief analyst for technicals and d erivatives at Angel One. He said that keeping expiry in view, the market could experience slight volatility and advised investors to maintain caution.

In the broader market, BSE Midcap was up 0.3 percent, while BSE Smallcap traded flat.

Around noon, the Sensex was down 289.40 points or 0.40 percent at 72,542.54, and the Nifty 50 was down 64.90 points or 0.29 percent at 22,031.90. About 1,380 shares advanced, 1,946 declined, and 135 stayed unchanged.

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Sectoral Trend

Amid sectoral indices, Nifty Media, Nifty Bank, and Nifty IT were the worst performers. While Nifty Media fell nearly 1 percent, the other two were down by 0.4 percent each. On the other hand, Nifty Metal and Nifty Realty were the top gainers.

Fundamental View

"Traders are likely to adopt a cautious approach, opting to observe market movements closely," said Shrey Jain, founder and CEO of SAS Online. Jain recommended traders to seize opportunities to buy quality large-cap stocks during dips. "With no significant catalysts in sight, it is anticipated that the market will remain range-bound throughout this holiday-shortened week."

Technical View

For now, the 21,900-21,850 zone is likely to cushion any short-term blip, with a major focus on the swing low of 21700, breaching which disruption on chart structure could be seen during the truncated week, said Chavan. "On the higher end, 22200-22250 is expected to act as an intermediate hurdle, and an authoritative closure above the same could only bring some mojo back into the market."

Key Nifty gainers

Bajaj Finance, Bajaj Finserv, Adani Ports, HDFC Life

Key Nifty losers

Power Grid, Eicher Motors, Divis Laboratories, UltraTech Cement

Key Sensex gainers

Bajaj Finance, Bajaj Finserv, L&T, Tata Motors

Key Sensex losers

Power Grid, UltraTech Cement, Bharti Airtel, Tech Mahindra

Stock moves

Adani Power: Shares edged lower after the company announced the disclosure of a new litigation matter. The Maharashtra State Electricity Distribution Company (MSEDCL) has filed a petition with the Maharashtra Electricity Regulatory Commission (MERC) about how to calculate domestic coal transportation costs.

Paradeep Phosphates: Shares slumped over 4 percent in early trade after the Central Pollution Control Board (CPCB) slapped a closure notice on the company's Odisha plant.

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