In a highly unusual event, the Nifty 50 index closed absolutely flat on May 8, 2024, at 22,302.50, the same level as the previous day. This phenomenon, where the index ends the trading session without any change in its closing value, is an extremely rare occurrence, having taken place only five times in the past 20 years.
The last time that the Nifty closed flat was on March 31, 2017, and before that, it happened on October 27, 2016, May 14, 2014, and June 1, 2005. This flat closing, with the Nifty unchanged at 0.00 per cent, indicates that the market was neutral overall, with the balance between buying and selling pressure remaining constant throughout the trading day.
The Nifty exhibited high volatility after opening with a gap down, reflecting the market’s indecisiveness and the tug-of-war between bulls and bears. The Bank Nifty also encountered volatility but managed to close above the crucial support level of 47,900, settling at 48,021.10, despite closing in negative territory with a 0.55 percent loss.
While the Nifty remained flat, the Sensex lost 0.06 percent, closing at 73,466.39. Among the sectors, Nifty Auto, Nifty PSU Bank, and Nifty Metal ended in the green, while Nifty IT, Nifty Financial Services, and Nifty Private Bank closed on the lower side. The top gainers in the Nifty stocks were Hero MotoCorp, BPCL, and Tata Motors, while Asian Paints, Grasim, and Dr. Reddy’s were the prime laggards. The India VIX, a measure of volatility, was positive by 0.43 percent intraday and settled at 17.0800.
