Indian benchmark equity indices experienced a volatile trading session on Monday, with the BSE Sensex and NSE Nifty closing marginally lower after recovering most of their early losses. Despite concerns raised by a new Hindenburg report alleging misconduct by SEBI chief Madhabi Puri Buch, the market largely ignored these issues and focused on other key indicators.
The BSE benchmark Sensex declined 57 points or 0.07% to settle at 79,648.9, while the broader NSE Nifty dropped 20.5 points or 0.08% to end at 24,347. Analysts provided insights into the market pulse, with Rupak De, Senior Technical Analyst at LKP Securities, stating, „The sentiment is sideways to weak, with the index closing below the 21-day EMA. The RSI is in a bearish crossover, indicating weak momentum.“ Jatin Gedia of Sharekhan added, „On the daily charts, we can observe that Nifty has been in a counter trend pullback after a decline of 1200 points.“
Looking ahead to Tuesday’s action, the US market showed mixed performance as investors awaited economic data, focusing on U.S. consumer prices to assess future Federal Reserve policy. The Dow Jones Industrial Average and S&P 500 fell, while the Nasdaq Composite rose. European stocks also showed little movement, erasing early gains as investors awaited crucial U.S. inflation data.
In terms of technical analysis, Nifty formed a Doji candle on the daily chart, indicating an indecisive mood on Dalal Street. The index is still trading in a range of 24,000 to 24,400 levels, with support at 24,200 and resistance at 24,350-400 levels. Momentum indicator Moving Average Convergence Divergence (MACD) showed bullish trade on certain counters, while others showed bearish signs.
In terms of active stocks, RVNL, HDFC Bank, and Adani Enterprises were among the most active in value terms, while Vodafone Idea, YES Bank, and Suzlon Energy were among the most active in volume terms. Stocks like Inox Wind, Voltas, and Glenmark Life witnessed strong buying interest, while Equitas Small Finance Bank hit their 52-week lows, signaling bearish sentiment.
Overall, market breadth favored bears, with more stocks ending in the red than in the green. It is important to note that recommendations and opinions provided by experts are their own and do not represent the views of the Economic Times. Despite the volatility and concerns raised by the Hindenburg report, the Indian benchmark equity indices managed to close marginally lower, showcasing resilience in the face of challenges.