The Sensex and Nifty on Thursday remained volatile and ended the session in the red, despite a sharp recovery intraday. The Sensex ended lower by 289 points at 57,925, while the Nifty today ended lower at 17,076, down 75 points or 0.4%. The Nifty Bank today ended at 39,616, down by 382 points or almost 1%.
Sectorally, Nifty IT, Banks and Realty stocks dragged the market lower today. On the other hand, Pharma, FMCG and Metal stocks saw some buying interest. Shares of SBI, Bajaj Auto, Kotak Mahindra Bank and Asian Paints were the top Nifty losers today. Hindalco, Maruti Suzuki, Nestle ended the session in green today.
“ Investors felt that further increases, along with rates remaining higher for longer, are likely to apply increased pressure on the global economy this year. Swiss Central Bank hiked key interest rates by 50 bps to 1.50% despite the banking crisis,” said Deepak Jasani of HDFC Securities.
He added that the Nifty today failed to build on to gains and that the levels above 17,200 are acting as tough resistance in the markets. “ Nifty could not build on to the two day gains. 17200-17225 is proving to be a tough resistance. On falls, 16985 could provide support. If Nifty does not resume the uptrend by tomorrow, then the short term top would have been made at 17200,” Jasani said.
Overall, 1321 stocks declined on the NSE, while 707 ended in the green today. BSE companies erase market cap of Rs 90,000 crore today.