Stock market today: Sensex slips 117 pts, Nifty settles at 22,200

BSE Sensex ended at 72,987.03, lower by 117.58 pts or 0.16 per cent on Wednesday’s trade, and Nifty 50 ended at 22,200.55, down by 17.30 pts or 0.08 per cent 

Coal India, Cipla, BPCL, Bharti Airtel, and Power Grid Corporation stocks emerged as top gainers on the NSE on Wednesday’s trade. Meanwhile, Tata Motors, Bajaj Auto, Asian Paints, Eicher Motors, and Britannia were the major laggards.

Sectoral indices have ended in a mix. Nifty PSU Bank and realty stocks rose over 1 per cent. Meanwhile, nifty FMCG, media, auto, bank, financial services and IT stocks closed in the negative territory.

The major stocks that hit a 52-week high on the NSE include Kirloskar Brothers, Kirloskar Pneumatic, Hitachi Energy, Siemens, and Oberoi Realty.

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

Shrikant Chouhan, Head Equity Research, Kotak Securities, said, “Today, the benchmark indices witnessed lackluster activity, the nifty ends 8 points lower while the Sensex was down by 118 points. Among Sectors, PSU Banks gained the most rallied over 1 percent whereas profit booking were seen in selective FMCG and Media stocks.”

“Technically, after two days of promising pullback rally, the market consolidated near 50-day SMA (Simple Moving Average) or 22,300/73,300. The intraday market texture is non directional perhaps traders are waiting for either side breakout. For the bulls now, 50-day SMA or 22,300/73,300 would act as an immediate breakout level, above which 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,” Chouhan added.

Vinod Nair, Head of Research, Geojit Financial Services, said, “The market witnessed a sideways movement throughout the day as the emotions of investors were impacted by the election-led jitters. FIIs continued to remain in the selling mode; however, domestic investors were largely concentrated on stock-specific picks.“

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