The Nifty 50 and BSE Sensex advanced moderately, buoyed by a more than 2% rise in the Nifty IT index and solid gains in pharma stocks. However, broader market breadth deteriorated severely as declining stocks outnumbered advancing shares by more than two to one on the NSE. Midcap and smallcap gauges slumped by up to 2%, contrasting with the headline strength. Analysts note that while technical momentum indicators lean bullish, the Nifty requires a definitive breakout above 23,250 to confirm further upside.
Key points
Headline benchmark gains masked widespread weakness as the Nifty Midcap 100 and Smallcap…: Headline benchmark gains masked widespread weakness as the Nifty Midcap 100 and Smallcap 250 dropped by up to 2%.
Technical analysts advise booking partial profits near the 23,250 level while the Nifty a…: Technical analysts advise booking partial profits near the 23,250 level while the Nifty attempts a breakout from a symmetrical triangle pattern.
Investors holding long positions are advised to maintain a trailing stop-loss at 22,950 w…: Investors holding long positions are advised to maintain a trailing stop-loss at 22,950 while the index remains above 22,800.
Sources checked by our analysis pipeline: 1
The Nifty 50 advanced 116.35 points, or 0.51%, to settle at 23,053.10, while the BSE Sensex climbed 308.49 points, or 0.42%, to close at 74,459.53.
Broader markets, however, remained under pressure, with the Nifty Midcap 100 and Nifty Smallcap 250 indices declining by up to 2%, indicating sustained selling in the broader market.
On the sectoral front, Nifty IT rallied over 2% to lead gains among the sectoral indices as a sharp drop in global tech giants, including Alphabet and Intel’s share price, following their earnings, boosted the anti-AI sentiment. Nifty Pharma gained 1.55%. Meanwhile, Nifty Consumer Durables plunged nearly 2%.
Market breadth on the NSE also remained negative. Of the 3,633 stocks traded, 1,013 closed higher, while 2,511 ended in the red and 109 remained unchanged.
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Here are today’s top gainers on the Nifty
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