In a reversal of fortunes, Indian benchmark indices ended the day in the red, with the Nifty breaking its 14-day winning streak and closing below 25,200. The Sensex dropped by 203 points, reflecting a widespread decline across most sectors except for realty, FMCG, and pharma.
Market Summary:
· Sensex: Down 203 points, closing at 82,352.64 (0.25% decline)
· Nifty 50: Down 81.10 points, closing at 25,198.70 (0.32% decline)
Market Performance:
Indian markets mirrored global trends, starting the day with a gap-down and remaining in negative territory throughout most of the session. Despite some afternoon recovery, the indices finished lower.
Top gainers on the Nifty included Asian Paints, Grasim Industries, HUL, Apollo Hospitals, and Sun Pharma. Conversely, Wipro, Coal India, ONGC, Hindalco Industries, and M&M were among the biggest losers.
Sectoral Trends:
· Gainers: FMCG, realty, and pharma sectors saw a 0.5% rise each.
· Decliners: Auto, bank, energy, IT, and metal sectors were down between 0.4% and 1%.
Technical Analysis:
According to Rupak De, Senior Technical Analyst at LKP Securities, the Nifty has broken its upward trend, finding initial support at the historical swing high. The index might consolidate between 25,080 and 25,250, with a potential drop below 25,080 signaling further corrections.
Ajit Mishra, SVP of Research at Religare Broking, notes that the market's loss of nearly half a percent was driven by weak global cues. Despite selective buying in heavyweight stocks trimming some losses, the overall trend remains mixed. Mishra suggests maintaining focus on stock selection and trade management, with a strong support zone for the Nifty at 24,850-25,000.
Outlook for September 5:
· Nifty 50: Potential consolidation between 25,080 and 25,250, with significant support at 25,000.
· Sensex: Monitoring for further developments amid global market pressures.
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