Sensex snaps 4-day winning run, slips 150 pts; RIL gains 2%, Oil India 4.5%

CLOSING BELL: The Nifty IT, Bank, and FMCG indices dropped over 1 per cent each

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CLOSING BELL

Stock market highlights: After opening gap-down with a loss of over 500 points, the BSE Sensex sought support from Reliance Industries, Bharti Airtel, ITC, and NTPC to end 414 points off lows on Wednesday.

Amid a subdued global mood, the 30-pack index shut shop at 53,027, down 150 points or 0.28 per cent. The Nifty50 index, meanwhile, closed at 15,799, down 51 points or 0.32 per cent.

HDFC Life, HUL, Apollo Hospitals, Axis Bank, Tata Consumer Products, Bajaj Finserv, and UPL were the major draggers, down up to 4.5 per cent.

In the broader markets, the BSE SmallCap index settled wee bit in the red, while the BSE MidCap index fell 0.7 per cent. Sectorally, most of the indices closed with losses barring the Nifty Oil and Gas index (up 0.9 per cent). The Nifty IT, Bank, and FMCG indices dropped over 1 per cent each.

RIL succession plan: Stock may hit new high

The stock has been gradually sailing along the 50-weekly moving average (WMA), since May 2020. The 200-WMA is currently placed at Rs 2,464 level. And as long as this support average is not violated with an aggressive sell-off, the stock is likely to see accumulation on corrective moves, according to the weekly chart set-up. READ MORE

4:11 PM

Nifty tech view: Trend may remain sideward to bit negative in the near term

Nifty witnessed a lacklustre trading session before ending with some losses.

On the lower end, 15,650-15,700 acted as support for the day.

On the higher end, it found resistance around previous close.

The trend is likely to remain sideward to a bit negative for the near term.

Any fall below 15,650 might pave the way for a serious correction in the market. Resistances on the higher end is placed at 15,900/16,000.

Views by Rupak De, Senior Technical Analyst at LKP Securities

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4:09 PM

Closing view: Consumer confidence on rapid decline amid uncontrolled rise in inflation

Consumer confidence is declining rapidly due to the uncontrolled & constant rise in inflation.

India had to bear the double whammy effect of a dampening global equity market and rising crude prices as major suppliers like Saudi are unable to boost the output in the short-term.

However, the domestic market was able to recover most of the losses due to the strong movement of index heavyweights, PSUs, Metals and Oil & Gas stocks before slipping some gains by the end of the day due to volatile global market.

Views by Vinod Nair, Head of Research at Geojit Financial Services.

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