The benchmark equity index Nifty 50 ended Friday’s trading session in positive territory to hit a fresh lifetime high for the fifth straight session but later closed marginally lower. The 50-stock index rose to a record high of 22,297.50 on February 23. The NSE Nifty 50 closed 4.75 points or 0.02% lower to settle at 22,212.70 points. While S&P BSE Sensex closed 15.44 points or 0.02% lower to settle at 73,142.80 points. Similarly, Nifty Bank declined over 100 points or 0.23% to settle at 46,811.75 points.
On the sectoral front, media and realty stocks gained the most amongst their peers. The broader indices ended in the green, with gains led by midcap and smallcap stocks. The Nifty Midcap 100 closed 150 points or 0.31% lower to close the day’s trading at 49,279.55.
The losers include BPCL, HCL Technologies, Maruti Suzuki, Asian Paints, and JSW Steel. The Indian Volatility Index (India VIX) closed 1.51% lower. In the last five days, the benchmark index Nifty 50 has risen 0.55%.
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“The domestic market paused momentarily today after reaching another record high earlier in the day, driven by positive signals from global markets. Notably, the capital goods and industrial sectors showed strength, supported by advancements in manufacturing and services. As the earnings season winds down, the market is eagerly awaiting new catalysts however rallying on the pre-election momentum. Concerns linger over rising crude oil prices, surging US bond yields, and stretched valuations, likely prompting continued selling by FIIs,” said Vinod Nair, head of research at Geojit Financial Services.
Commenting on the technical aspects of the market, Jatin Gedia, technical research analyst at Sharekhan by BNP Paribas said that the Nifty opened with gains and consolidated for the day to close marginally in the red down – 4 points.
“On the daily charts we can observe that after a sharp rise in the previous trading sessions, the Nifty consolidated today around all-time highs. In case of a dip towards the support zone 22130 – 22090, it should be used as a buying opportunity as the overall trend remains positive and this is just a brief pause in the overall upmove. In terms of levels, 22300 – 22350 shall act as an immediate hurdle zone while 22130 – 22090 is the crucial support zone,” said Gedia.
“Bank Nifty has been consolidating in the range of 46400 – 47400 since the last three trading sessions. We expect it to continue the consolidation before the next upmove resumes. We expect the Bank Nifty to rise towards 48000 – 48300 from a short-term perspective,” said Nair on Bank Nifty.