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Sensex slips 117 points while Nifty settles at 22,000 amid mixed sector performance

Among the top gainers on the NSE were Coal India, Cipla, BPCL, Bharti Airtel, and Power Grid Corporation. Conversely, Tata Motors, Bajaj Auto, Asian Paints, Eicher Motors, and Britannia faced downward pressure, emerging as the major laggards.

News Arena Network - Mumbai - UPDATED: May 15, 2024, 05:41 AM - 2 mins read

In Wednesday's trading session, the Indian stock market witnessed a slight downturn, with the Sensex slipping by 117 points and the Nifty settling at 22,200.

Sensex slips 117 points while Nifty settles at 22,000 amid mixed sector performance


In Wednesday's trading session, the Indian stock market witnessed a slight downturn, with the Sensex slipping by 117 points and the Nifty settling at 22,200.

 

Despite this, certain stocks saw notable movements, with Kirloskar Brothers, Kirloskar Pneumatic, Hitachi Energy, Siemens, and Oberoi Realty hitting 52-week highs on the NSE.

 

Among the top gainers on the NSE were Coal India, Cipla, BPCL, Bharti Airtel, and Power Grid Corporation. Conversely, Tata Motors, Bajaj Auto, Asian Paints, Eicher Motors, and Britannia faced downward pressure, emerging as the major laggards.

 

Sectoral indices displayed a mixed performance, with Nifty PSU Bank and realty stocks witnessing gains of over 1 percent. On the other hand, sectors such as FMCG, media, auto, bank, financial services, and IT closed in negative territory.

 

A total of 3,935 stocks were traded on the BSE, out of which 2,214 advanced, 1,580 declined, and 141 remained unchanged, indicating a varied market sentiment.

 

Commenting on the day's market performance, Shrikant Chouhan, Head Equity Research at Kotak Securities, noted, “Today, the benchmark indices witnessed lackluster activity, with the Nifty ending 8 points lower and the Sensex down by 118 points. PSU Banks gained the most, rallying over 1 percent, whereas profit booking was seen in selective FMCG and Media stocks.”

 

Chouhan further analyzed the technical aspects of the market, stating, “Technically, after two days of promising pullback rally, the market consolidated near 50-day SMA (Simple Moving Average), the intraday market texture is non-directional, perhaps traders are waiting for either side breakout.”

 

Vinod Nair, Head of Research at Geojit Financial Services, highlighted the market's sideways movement, influenced by election-led uncertainties.

 

He noted, “FIIs continued to remain in the selling mode; however, domestic investors were largely concentrated on stock-specific picks.”

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