Daijiworld Media Network - Mumbai
Mumbai, Mar 3: Indian stock indices ended a volatile trading session nearly unchanged on Monday, as global cues remained mixed and market sentiment fluctuated throughout the day.
The 30-share Sensex closed at 73,085.94, down by 112.16 points or 0.15%, with the index swinging between a high of 73,649.72 and a low of 72,784.54 during the intra-day session.
Similarly, the Nifty ended at 22,119.30, dropping by 5.40 points or 0.02% from the previous close. The index recorded a high of 22,261 during the day, dipping to a low of around 22,004.
Volatile Start, Recovery Driven by Select Sectors
The session began on a positive note, but market sentiment quickly turned negative as both major indices lost around 0.5% by midday. However, a strong rebound in key sectors like metals, real estate, and IT helped drive a recovery in the latter half of the session.
Among the Nifty stocks, 33 out of 50 closed higher. Major gainers included Bharat Electronics, Grasim, Eicher Motors, JSW Steel, and UltraTech Cement, with gains of up to 4.65%.
In contrast, Reliance Industries saw a significant dip of 2.17%, contributing to the overall negative market sentiment.
Mixed Sectoral Performance
Sectoral performance was mixed on the day. The Nifty IT, Metal, Auto, Pharma, Realty, and Healthcare indices posted gains, with the Nifty IT sector seeing the largest rise of 1.26%.
On the other hand, sectors such as banking, oil and gas, and media closed lower, with losses ranging up to 1.10%.
Broader Market Movements
In the broader market, the Nifty Midcap100 index finished 0.14% higher, while the Nifty Smallcap100 index ended the day slightly lower by 0.27%.
Market Outlook: Bearish Trend Continues
After significant selling in the previous session, Indian markets witnessed some buying activity, attempting a recovery following the longest monthly losing streak since 1996.
According to Vatsal Bhuva from LKP Securities, the Nifty found support around 22,000, closing above the 38.2% Fibonacci retracement level of 22,043, which was derived from the 2022 low of 15,213 to the all-time high of 26,277.
However, the broader market trend remains bearish, and Bhuva suggests a sell-on-rise approach unless the Nifty decisively closes above 22,600.