The market lost all of its intraday gains during the extremely erratic session, as selling in the IT, metal, media, oil, and gas stocks caused the market to close lower.

The Nifty was down 38.60 points, or 0.17 percent, at 22,604.80, and the Sensex was down 188.50 points, or 0.25 percent, at 74,482.78, at the closing.

The BSE Sensex and Nifty50 indexes increased by 1% apiece in April 2024.

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Following a strong start, the market continued to rise as the day went on, with Nifty reaching a new high and Sensex getting closer to its record level of 75,124.28, which was led by auto, power, and real estate stocks. However, the last-hour selling eliminated all of the profits.

Within a day, the Nifty Bank and Nifty Midcap 100 indexes also reached all-time highs.

On the Nifty, the biggest gainers were M&M, Power Grid Corporation, Shriram Finance, Hero MotoCorp, and Bajaj Auto; the top losers were Tech Mahindra, BPCL, JSW Steel, HCL Technologies, and Sun Pharma.

Auto, power, and real estate all saw increases of more than a percent, whereas IT, metal, media, oil & gas, and healthcare saw declines of 0.4–1%.

The BSE midcap index reached a new high and finished 0.5 percent higher, while the smallcap index finished flat. The larger indices did better than the benchmarks.
Due to Maharashtra Day on May 1, the market will be closed.

Exide Industries, Jubilant Foodworks, and TEC had individual stock volume spikes of over 300 percent.

Know More: Exide Industries Shareshttps://m.economictimes.com/exide-industries-ltd/stocks/companyid-13895.cms

REC, PFC, and M&M showed a lengthy build-up, whilst IOC, Birlasoft, and Aditya Birla Capital showed a brief build-up.

Among the stocks that reached their 52-week high on the BSE were Ashok Leyland, Axis Bank, BHEL, Eicher Motors, Exide Industries, Godrej Industries, Grasim Industries, ICICI Bank, Just Dial, LIC Housing Finance, M&M, Samvardhana Motherson International, Muthoot Finance, Polycab India, Power Grid Corporation, SBI, Shakti Pumps, Supreme Industries, Tejas Networks, Trent, Usha Martin, Vesuvius India, and Zen Technologies.

Indian equities continued their upward trend by starting the day on a good note and compounding their gains for the majority of the session. However, a dramatic turnaround in the final hour of trading caused the Index to fall, ending the session in the red at 22,604.85.

Auto was the sector that gained the most that day, followed by Realty; on the other hand, IT continued its downward trend, while the Metal section saw a round of profit booking.

The Index has formed a bearish candle at record highs, possibly indicating an RSI divergence (albeit this has not been verified).

The candlestick implications will be nullified if the index breaks and closes above today’s high, and the index will drop even deeper to the 22,400–22,360 zone if it trades below 22,500.

Nifty View by Senior Technical Analyst at LKP Securities, Rupak De

Nifty saw selling pressure when it ran into resistance close to the previous swing high, which led to a shaky close. The fact that other indicators like the 50-day and 20-day Simple Moving Averages (SMAs) are below the index value suggests that the current upward trend is still in place. A bullish crossover is also indicated by the Relative Strength Index (RSI).

The headline index’s trajectory may continue sideways over the coming days unless it surpasses the record high of 22783. The index may drop further lower than 22500, which is the index’s immediate support on the downside.