Active Stocks
Thu Jun 13 2024 09:19:41
  1. Tata Steel share price
  2. 183.90 0.91%
  1. NTPC share price
  2. 372.95 0.43%
  1. State Bank Of India share price
  2. 842.35 0.38%
  1. Tata Motors share price
  2. 994.50 0.60%
  1. Wipro share price
  2. 482.85 1.25%
Business News/ Markets / Stock Markets/  Stock market today: Sensex, Nifty 50 end flat; BSE Midcap, Smallcap indices close higher
BackBack

Stock market today: Sensex, Nifty 50 end flat; BSE Midcap, Smallcap indices close higher

Stock market today: Sensex closed at 73,466.39, down 45 points, or 0.06 per cent, while the Nifty 50 settled absolutely flat at 22,302.50.

Stock market today: Sensex closed at 73,466.39, while the Nifty 50 settled flat at 22,302.50 on May 8. (PTI Photo/Kunal Patil) (PTI11_26_2021_000073B) (PTI)Premium
Stock market today: Sensex closed at 73,466.39, while the Nifty 50 settled flat at 22,302.50 on May 8. (PTI Photo/Kunal Patil) (PTI11_26_2021_000073B) (PTI)

Stock market today: Indian stock market benchmarks, the Sensex and the Nifty 50, ended flat on Wednesday, May 8, as gains in shares of select heavyweights such as Reliance Industries, Larsen & Toubro and Tata Motors were offset by losses in shares of HDFC Bank, ICICI Bank and Infosys.

Key equity indices traded volatile during the session, reflecting cautious market sentiment ahead of the Lok Sabha election outcome on June 4. Experts said foreign portfolio investors (FPIs) are selling Indian equities ahead of the election outcome, a trend seen in the past, too.

Also Read: Stock market today: 5 reasons why stock market is falling ahead of Lok Sabha election outcome

However, investors have also been buying stocks amid the recent correction as they remain positive about the Indian market's medium- and long-term prospects.

Sensex closed at 73,466.39, down 45 points, or 0.06 per cent, while the Nifty 50 settled flat at 22,302.50.

15 stocks in the Sensex index closed higher, while an equal number closed with losses. 

In terms of index contribution, shares of Reliance Industries, Larsen and Toubro, Tata Motors, SBI, and NTPC were the main contributors supporting the Sensex index. In contrast, shares of HDFC Bank, ICICI Bank, Infosys, Hindustan Unilever, and Asian Paints were the top drags on the index.

Also Read: ITC, HDFC Bank, Paytm among 300 BSE 500 stocks that are over 10% below their 52-week highs. Time to cut equity exposure?

While the equity benchmarks witnessed volatility, mid and smallcap segments saw decent buying. BSE Midcap and Smallcap indices ended 0.78 per cent and 0.50 per cent higher, respectively.

ABB India, Bharat Forge, Escorts, Godrej Consumer Products, Hindustan Zinc, Marico, Siemens and United Spirits were among the 150-odd stocks that hit their fresh 52-week highs in intraday trade on BSE.

Some 25 stocks ended higher and 24 in the red in the Nifty 50 index. One stock - Bharti Airtel - closed flat.

Top Nifty 50 gainers today

Shares of BPCL (up 2.78 per cent), Hero MotoCorp (up 2.49 per cent) and Tata Motors (up 2.48 per cent) closed as the top gainers in the Nifty 50 index.

Top Nifty 50 losers today

Shares of Dr. Reddy's Laboratories (down 3.27 per cent), Asian Paints (down 2.21 per cent) and Grasim Industries (down 2.07 per cent) closed as the top losers in the Nifty index.

Also Read: Top Gainers and Losers today on 8 May, 2024: Hero Motocorp, Bharat Petroleum Corporation, Dr Reddys Laboratories, Asian Paints among most active stocks; Check full list here

Sectoral indices today

Nifty Bank fell 0.55 per cent, while the Private Bank index suffered a loss of 0.81 per cent. The PSU Bank index, however, jumped 0.88 per cent.

Nifty Oil & Gas (up 1.70 per cent), Auto (up 1.56 per cent) and Metal (up 1.48 per cent) indices clocked significant gains.

Expert views on markets

"The Indian market echoed subdued investor sentiments akin to those of its Asian peers and on worries about declining voter turnout. Despite domestic Q4 earnings largely meeting estimates, the earnings landscape appears to moderate. A sector-specific action was visible in FMCG and auto stocks, aided by an expectation of a revival in rural demand in the first half of FY25," said Vinod Nair, the head of research at Geojit Financial Services.

Prashanth Tapse, Senior VP (Research) at Mehta Equities, pointed out that investors traded cautiously due to a lack of fresh, positive triggers and ended on a flat note with a slightly negative bias amid selective profit-taking in banking and IT stocks.

Firm European market cues also failed to fuel optimism, as no stoppage in foreign fund outflows and no major surprises in the ongoing earnings season prompted investors to stay guarded. Also, with election season on, no one wants to place longish bets, Tapse said.

Technical views on Nifty 50

According to Shrikant Chouhan, the head of equity research at Kotak Securities, for the day traders now, 50-day SMA (simple moving average) or 22,350/73,550 should be a key level to watch out for. Above this, the pullback formation will likely continue till 22,400-22,425/73,700-73,800.

On the flip side, below 22,240/73,300, the selling pressure is likely to accelerate, below which the market could slip to 22,150-22,100/73,000-72,800, said Chouhan.

Rupak De, a senior technical analyst at LKP Securities, said the short-term trend outlook appears weak as the Nifty remained below the critical moving average, 21EMA, on the daily timeframe.

"In the near term, the sentiment may continue to weaken as long as it stays below 22,400. On the downside, the index might decline towards 22,150," said De.

Read all market-related news here

Disclaimer: The views and recommendations above are those of individual analysts, experts, and brokerage firms, not Mint. We advise investors to consult certified experts before making any investment decisions.

3.6 Crore Indians visited in a single day choosing us as India's undisputed platform for General Election Results. Explore the latest updates here!

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Published: 08 May 2024, 03:34 PM IST
Next Story footLogo
Recommended For You
GENIE RECOMMENDS

Get the best recommendations on Stocks, Mutual Funds and more based on your Risk profile!

Let’s get started