Sensex drops 354 pts in fag-end, Nifty below 21,800; RIL, Airtel weigh

Stock market highlights on February 5: Among sectors, the Nifty Pharma, and Auto indices rallied over 1 per cent each

Closing Bell on February 5, 2024: After staying listless for better part of the day, equity markets turned sharply lower on Monday as investors read through Q3 numbers, and tracked global developments.

The S&P BSE Sensex hit a high of 72,386 and a low of 71,602 before closing at 71,731, down 354 points or 0.49 per cent. The Nifty50, on the other hand, ended at 21,772, down 82 points or 0.38 per cent.

Bajaj Finance, Bharti Airtel, Bajaj Finserv, Maruti Suzuki, Ultratech Cement, HCL Tech, HUL, Titan, Reliance Industries, SBI, L&T, Kotak Bank, Axis Bank, and JSW Steel were the top laggards, dropping in the range of 1 per cent to 3 per cent.

In the broader markets, the BSE MidCap ended 0.02 per cent higher, while the BSE SmallCap slipped 0.23 per cent.

Among sectors, the Nifty Pharma, and Auto indices rallied over 1 per cent each led by Glaxosmithklein Pharma, Lupin, Torrent Pharma, Biocon, Tata Motors, Ashok Leyland, M&M, and Bharat Forge.

On the downside, the Nifty FMCG index fell 0.76 per cent. 

3:45 PM

Tech View :: Key levels on Nifty, Bank Nifty to watch out

NIfty50

On the daily charts, we can observe that the Nifty has witnessed follow-through selling pressure from the upper boundary (22,000). On the hourly momentum indicator, we could witness a negative divergence which indicated loss of momentum on the upside.

Overall, the range bound trading action is likely to continue until we get a decisive close below the extremes of the broad range 22,000 – 21,200. The momentum setup on the daily and hourly time frames are providing divergent signals which again suggests sideways price action.

Thus, parameters are suggesting that the consolidation is likely to continue. Stock specific action and sector rotation is likely to continue during this period of consolidation. Key support levels are 21,640 – 21,600 while immediate hurdle zone is placed at 21,950 - 22,000.

 

Bank Nifty

Bank Nifty witnessed follow through selling pressure from the previous trading session. It closed below the key averages indicating weakness. Overall, the Trend remains sideways and the range of consolidation is likely to be 45,000 – 47,000.

Views by: Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas

3:40 PM

Broader markets end mixed; SmallCaps slip

3:39 PM

Nifty Heatmap :: UPL tumbles 11%, Bajaj twins, Airtel other laggards

3:38 PM

CLOSING BELL :: Nifty ends below 21,800

3:36 PM

CLOSING BELL :: Sensex drops 354 pts a day Budget rally

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