Nifty, Sensex Struggle To Recover From Two–Month Low As HUL, ITC Weigh: Market Wrap

The NSE Nifty 50 and BSE Sensex settled at over two–month low on Thursday for a third consecutive session, as earnings reported failed to uplift investors' sentiment. Moreover, a decline in Asian shares, and overnight losses on Wall Street also pressured the Indian benchmarks.

The Nifty 50 ended 36.10 points, or 0.15% down at 24,399.40, and the Sensex ended 16.82 points, or 0.02% lower at 80,065.16.

In Thursday's choppy session, the benchmark indices recovered briefly. Intraday, Nifty 50 rose 0.18% to 24,480.65, and Sensex rose 0.22% to 80,259.82.

Intraday, Nifty 50 fell 0.39% to 24,341.20, and Sensex declined 0.34% to 79,813.02.

The lacklustre weekly expiry trade ended on a negative note at 24,399.40 with a loss of 36.10 points, said Aditya Gaggar, director, Progressive Shares.

Among the sectors, banking indices were the top performers while correction extended in the FMCG sector plunging over 2% in today's trade and registered as a major laggard followed by realty.

Disparity was seen in the broader markets where midcaps underperformed while smallcaps more or less moved in tandem with the frontline index.

Nothing has changed in terms of the support level of the index, that is, 24,370; and on the flip side, the resistance has shifted lower to 24,560-24,600, Gaggar said. In case of a breakdown, the index is likely to test the level of 24,200, conversely, a break above the mentioned resistance point will push the index higher to 24,670, he said.

Shares of HDFC Bank Ltd., Mahindra & Mahindra Ltd., State Bank of India, UltraTech Cement Ltd., and ICICI Bank Ltd. supported the Nifty 50.

While those of Hindustan Unilever Ltd., ITC Ltd., Hindalco Industries Ltd., SBI Life Insurance Co., and Infosys Ltd. weighed on the benchmark index.

On NSE, six sectors declined, and six sectors advanced. The NSE Nifty FMCG declined the most, and the NSE Nifty PSU Bank rose the most.

Broader indices underperformed. BSE Midcap ended 0.13% down and BSE Smallcap fell 0.7% lower.

Eleven out of 20 sectoral indices fell and nine rose. BSE FMCG fell the most.

Market breadth was skewed in the favour of sellers. As many as 2,345 stocks fell, 1,590 rose, and 98 remained unchanged on the BSE.