At 3:59 PM, the stock market was buzzing with activity as experts shared their views on the current market conditions. Rupak De, a Senior Technical Analyst at LKP Securities, highlighted the indecisiveness in the Nifty index, which closed flat with wicks on both the upper and lower sides. He emphasized that a decisive move above 25,100 or a close above this level could confirm a further rally in the market. However, the absence of sustained buying might trigger selling pressure, with the immediate support placed at 24,800.
On the other hand, Vinod Nair, Head of Research at Geojit Financial Services, pointed out that investors are giving more emphasis to defensive bets in the market. This is evident in the outperformance of IT and pharma stocks, despite the optimistic sentiment driven by a consolidation in the US 10-year bond yield and an inflow of FIIs. However, valuation remains a near-term deterrent, which will be further tested based on the upcoming India Q1 FY25 GDP data.
In terms of market movements, the rupee weakened by 4 paise against the US dollar, ending at 83.96 per dollar. The BSE SmallCap index slipped while the BSE MidCap index added barely 0.04 percent. Most sectoral indices nursed losses, with the Nifty Media index falling the most, followed by Nifty PSU Bank and FMCG indices.
At the closing bell, only IT and Pharma indices eked out gains, with 11 stocks settling higher, led by Bharti Airtel, Infosys, IndusInd Bank, and Sun Pharma. On the losing end, Asian Paints, Maruti Suzuki, Nestle India, Kotak Bank, SBI, and Axis Bank weighed down the market.
Despite hitting a record high of 25,129.60 intraday, the Nifty managed to hold above 25,000 at the close. However, fag-end selling hit the markets, with the Sensex ending nearly flat at 81,785.56, up 73.80 points or 0.09 percent. The index hit a high of 82,039 in the intraday trade.
In other news, Lupin announced an update on share allotment, leading to a 1.66 percent increase in its stock price. NBCC shares hit a 52-week high, climbing 18 percent to Rs 209.75 on the BSE. Zomato completed the acquisition of OTPL and WEPL, while the settlement of the merger dispute between Zee Entertainment Enterprises and Culver Max Entertainment removed a key overhang over ZEE, according to analysts.
Overall, the stock market was abuzz with activity and volatility at 3:59 PM, with various factors influencing investor sentiment and market movements.