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Business News/ Markets / Stock Markets/  Stock market today: Sensex, Nifty 50 end mixed; India VIX surges nearly 14%; investors lose 3 lakh crore in a day

Stock market today: Sensex, Nifty 50 end mixed; India VIX surges nearly 14%; investors lose ₹3 lakh crore in a day

Stock market today: Sensex closed the day 17 points higher at 73,895.54, while the Nifty 50 closed 33 points lower at 22,442.70.

Stock market today: Sensex closed the day 17 points higher at 73,895.54, while the Nifty 50 closed 33 points lower at 22,442.70 on Monday, May 6. (Agencies)Premium
Stock market today: Sensex closed the day 17 points higher at 73,895.54, while the Nifty 50 closed 33 points lower at 22,442.70 on Monday, May 6. (Agencies)

Stock market today: Indian stock market benchmarks, the Sensex and the Nifty 50, closed mixed on Monday, May 6, with shares of select heavyweights, including Titan, SBI, and Reliance Industries, as the top drags on the key indices.

Indian stock market witnessed strong volatility as its measure, the India VIX index, surged nearly 14 per cent to the level near 17 on Monday. 

A spike in the India VIX index shows market participants expect the market to remain on a bouncy track in the near term. 

Sensex closed the day 17 points, or 0.02 per cent, higher at 73,895.54, while the Nifty 50 closed 33 points, 0.15 per cent, lower at 22,442.70.

Shares of Titan, SBI, and Reliance Industries ended as the top drags on the Nifty 50 index. At the same time, those of select banking and IT heavyweights such as Kotak Mahindra Bank, TCS, ICICI Bank, and Infosys supported the index the most.

Titan share price fell over 7 per cent after it reported weaker-than-expected Q4 numbers. On the other hand, shares of Kotak Mahindra Bank jumped 5 per cent, buoyed by its March quarter results. 

Despite positive global cues, domestic market benchmarks ended on a lacklustre note, with ongoing concerns about overvaluation in the absence of new positive catalysts and amidst mixed Q4 earnings reports.

The Indian stock market appears to have discounted most positives, and experts expect the market to remain rangebound till the election outcome. Some experts believe there could be some profit booking after the election results are out.

Also Read: Expert view: Some profit booking possible after election results, says Pawan Bharadia of Equitree

Mid and smallcap segments suffered deeper losses on Monday. The BSE Midcap index fell 0.95 per cent, while the BSE Smallcap index suffered a loss of 1.06 per cent.

The overall market capitalisation of the firms listed on the BSE dropped to nearly 403.4 lakh crore from 406.2 lakh crore in the previous session, making investors poorer by about 3 lakh crore in a single session.

Top Nifty 50 gainers today

Some 23 stocks ended in the green in the Nifty 50 index, among which Britannia Industries (up 6.60 per cent), Kotak Mahindra Bank (up 5.02 per cent) and TCS (up 2.05 per cent) ended as the top gainers in the index.

Also Read: Britannia share price rises 7.5%: largest gainer among Nifty-50 stocks post Q4 results: 3 key reasons driving the gains

Top Nifty 50 losers today

Shares of Titan (down 7.07 per cent), Adani Enterprises (down 4.05 per cent) and Coal India (down 3.07 per cent) closed as the top losers in the Nifty 50 index.

Also Read: Top Gainers and Losers today on 6 May, 2024: Britannia Industries, Kotak Mahindra Bank, Titan Company, Adani Enterprises among most active stocks; Check full list here

Sectoral indices today

Nifty PSU Bank lost 3.66 per cent, ending as the top loser among sectoral indices. Nifty Consumer Durables (down 2.55 per cent), Media (down 2.16 per cent) and Oil & Gas (down 1.75 per cent) also lost big.

Also Read: PFC, REC, IREDA, PNB, others decline up to 13%: Why PSU stocks are falling sharply today - explained

On the other hand, the Nifty Realty index jumped 2.76 per cent. Nifty IT and FMCG rose almost a per cent each.

Also Read: IT sector Recovery hopes pushed back to FY26; stock valuations attractive after recent correction, says Kotak Equities

Expert view on markets

"The domestic indices traded in a rangebound manner influenced by PSU banks’ underperformance due to the RBI's tighter norms on lending to projects under development. The broader indices also witnessed major selling pressure due to valuation concerns and profit booking. Globally, weaker US payroll data has increased expectations of potential Fed rate cuts. Investors are closely monitoring this week’s Fed speakers for insights on future monetary policy," said Vinod Nair, the head of research at Geojit Financial Services.

Technical views on Nifty 50

Shrikant Chouhan, the head of equity research at Kotak Securities, pointed out that the Nifty formed a bearish candle on the daily chart, and on intraday charts, it holds a lower top formation, which is largely negative.

"We believe that the short-term market texture is still on the weak side, and for the traders now, 22,600/74,400 would act as a trend decider level. As long as the market is trading below the same, the chances of hitting 22,300-22,250/73,500-73,350 would turn bright," said Chouhan.

"On the flip side, above 22,600/74,400, the sentiment could change. Above 22,600/74,400, the market could bounce back till 22,700-22,735/74,700-74,800," Chouhan said.

Read all market-related news here

Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.

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Published: 06 May 2024, 03:35 PM IST
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