Sensex and Nifty Close Steady Amidst Global Market Fluctuations
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Synopsis
On Feb 18, the Indian stock market exhibited a narrow trading range with the Sensex and Nifty closing marginally lower amid mixed global cues. Despite some fluctuations, power companies like NTPC showed gains, while several others faced selling pressure, reflecting a bearish market sentiment.
Key Takeaways
- Sensex closed at 75,967, down 29 points.
- Nifty settled at 22,945, down 14 points.
- NTPC was a top gainer on both indices.
- Market sentiment remains bearish with a high number of declining stocks.
- Broader market indices showed signs of weakness.
Mumbai, Feb 18 (NationPress) The Indian stock market experienced a narrow trading range on Tuesday, influenced by mixed global market signals.
Despite some volatility, the benchmark indices concluded the day with only slight losses.
The Sensex dipped to a low of 75,531 during intra-day trading but managed to recover, closing 29 points lower at 75,967.
Likewise, the Nifty 50 oscillated between 22,801 and 22,992 before ending at 22,945, a decrease of just 14 points from its previous close.
Among the top performers in the Sensex 30 were power giants NTPC and Power Grid Corporation, each gaining up to 3 percent. Tech Mahindra, Zomato, HCL Technologies, and Kotak Mahindra Bank also showed commendable performance.
Conversely, stocks such as IndusInd Bank, Hindustan Unilever, UltraTech Cement, Mahindra & Mahindra, and TCS experienced selling pressure, declining between 1 to 2 percent.
On the Nifty index, NTPC led the charge with a 3.19 percent rise while Tech Mahindra, Wipro, ONGC, and Apollo Hospital were also among the top gainers.
In contrast, Trent and Mahindra & Mahindra were among the notable losers, dropping by up to 2.5 percent.
According to a market expert, "Technically, on the daily scale, Nifty has formed a hammer candlestick pattern near a multiple support zone, which indicates strength."
Hrishikesh Yedve from Asit C. Mehta Investment Intermediates Ltd stated: "As long as the index maintains the recent low of 22,725, a buy-on-dips strategy is advisable."
He further mentioned that the 21-Day Simple Moving Average (DSMA) at 23,240 poses an immediate barrier, and a decisive breakthrough above this level could signify a near-term bottom reversal.
The broader market exhibited weakness, with the BSE SmallCap index falling nearly 1.5 percent. The Nifty Bank dropped 196.25 points or 0.40 percent to conclude the intra-day session at 49,062.65.
Meanwhile, the BSE MidCap index managed to end on a flat note. The Nifty Consumer Durables and FMCG indices encountered significant declines, with the Nifty Consumer Durables down 1.36 percent and the Nifty FMCG closing 0.88 percent lower.
Small-cap stocks continued their struggle, extending their underperformance for another trading session, as stocks in this category fell by up to 10 percent during the session.
Market sentiment remained pessimistic, with nearly 3,000 stocks on the BSE declining, while only about 1,000 stocks advanced.
