Market erases all gains, Nifty falls below 23,300
At close, the Sensex was down 422.59 points or 0.54% at 77,155.79, while the Nifty fell 168.60 points or 0.72% at 23,349.90.
Indian equity indices closed at record high due to gains in heavyweights like ICICI Bank and L&T.
At closing, Sensex was up 97 points or 0.12 per cent at 82,988 and Nifty was up 27 points or 0.11 per cent at 25,383. Nifty Bank closed up by 215 points or 0.41 per cent at 52,153.
Intraday, Sensex and Nifty made a new all-time high of 83,184 and 24,445 respectively.
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In the trading session, Adani Green surged 7.59 per cent and Adani Power gained 5.45 per cent while Adani Enterprises and Adani Wilmar gained nearly half per cent each.
Buying was seen in the midcap and smallcap stocks. The Nifty Midcap 100 index was at 60,259, up 225 points or 0.38 per cent and the Nifty Smallcap 100 index was at 19,537, up 31 points or 0.16 per cent.
Among the sectoral indices, metal, realty, energy, commodity and infra were major gainers. IT, PSU Bank, FMCG and Pharma were major laggards.
Rupak De, Senior Technical Analyst, LKP Securities said, “The Nifty index remained range-bound throughout the session as traders opted for caution ahead of a significant event. The technical chart shows no change in formation compared to the previous day. The trend continues to be strong, though with limited upward potential in the short term.”
“Key support levels are still intact between 25,150 and 25,200, while resistance is positioned around 25,460-25,500. A decisive breakout from the current range might initiate a directional move,” De added.
Gold remained positive with gains of Rs 100 at Rs73,600 in MCX and $10 higher at $2,585 in Comex.
Another market expert said, “The domestic market traded in a narrow range with a positive bias as the participants are keenly awaiting the Fed’s decision this week. The weakness in the US job market and benign inflation are pointing at a slew of rate cuts on the table. The inflow of foreign money and an expectation of stability in domestic growth may keep sentiment optimistic.”
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