Stock market today: Sensex, Nifty 50 snap 3-day winning run; mid, smallcaps outperform
Stock market today: Sensex closed 118 points, or 0.16 per cent, lower at 72,987.03, while the Nifty 50 ended 17 points, or 0.08 per cent, lower at 22,200.55.
Stock market today: Domestic stock market benchmarks, the Sensex and the Nifty 50, ended with mild losses on Wednesday, May 15, snapping their three-day winning run on losses led by shares of select heavyweights, including HDFC Bank, Tata Motors and Reliance Industries.
Sensex closed 118 points, or 0.16 per cent, lower at 72,987.03, while the Nifty 50 ended 17 points, or 0.08 per cent, lower at 22,200.55.
The selloff was, however, not widespread as the mid and smallcap indices ended with healthy gains. The BSE Midcap index settled 0.60 per cent higher, and the BSE Smallcap index rose 0.96 per cent.
Mixed global cues failed to boost the domestic market sentiment, which has been weak lately amid significant outflow of foreign capital in the run-up to the Lok Sabha election 2024 outcome.
Data from NSDL showed that this month, foreign portfolio investors (FPIs) sold Indian equities worth ₹25,280 crore up to May 14.
US inflation print for April is expected to be out today. US CPI is a significant macro number from the market perspective, influencing the sentiment about the US Fed's moves on the policy front.
Even though inflation remains sticky, markets expect the Fed to cut rates later this year.
16 stocks ended in the red in the 30-share pack Sensex index, with shares of Asian Paints, Tata Motors, and HDFC Bank falling up to 2 per cent.
The overall market capitalisation of the firms listed on BSE moved up to nearly ₹404.3 lakh crore from nearly ₹402 lakh crore in the previous session, thanks to gains in the mid and small-cap segments. Thus, investors got richer by over ₹2 lakh crore in a day.
Top gainers in the Nifty 50 index
Shares of Coal India (up 4.19 per cent), Cipla (up 3.55 per cent) and BPPCL (up 3.42 per cent) closed as the top gainers among the 23 stocks that ended higher in the Nifty 50 index.
Top losers in the Nifty 50 index
Shares of Tata Motors (down 1.93 per cent), Bajaj Auto (down 1.91 per cent) and Asian Paints (down 1.85 per cent) ended as the top losers in the Nifty 50 index.
Sectoral indices
Nifty Bank fell 0.36 per cent, while the Private Bank index declined 0.33 per cent. However, the Nifty PSU Bank index jumped 1.42 per cent.
Nifty Realty also clocked a healthy gain of 1.02 per cent.
Nifty FMCG (down 0.91 per cent) and Auto (down 0.50 per cent) ended among the top losers.
Expert views on markets
Experts observed that the market remained lacklustre amid prevailing caution due to ongoing elections. They said the US inflation data will be keenly observed by market participants.
"The market witnessed a sideways movement throughout the day as the emotions of investors were impacted by the election-led jitters. FIIs remained in the selling mode; however, domestic investors were largely concentrated on stock-specific picks," said Vinod Nair, the head of research at Geojit Financial Services.
"The positive results from the capital goods sector and robust growth outlook gained investors’ attention and led the segment to outperform. A drop in US 10-year yield ahead of the release of sensitive CPI data from the US will be watched carefully by the market to gain insights on rates," Nair said.
Technical views on Nifty 50
Shrikant Chouhan, the head of equity research at Kotak Securities, pointed out that after two days of promising pullback rally, the market consolidated near 50-day SMA (Simple Moving Average) or 22,300/73,300.
Chouhan underscored that the intraday market texture is non-directional; perhaps traders are waiting for either side to break out.
"For the bulls now, 50-day SMA or 22,300/73,300 would act as an immediate breakout level. Above this, the market could rally up to 22,375-22,400/73,500-73,600. On the flip side, below 22,150/72,800, the selling pressure is likely to accelerate. Below the same, it could retest the level of 22,050-22,000/72,500-72,300," said Chouhan.
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