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Nifty experiences its tenth consecutive day of decline, with the Sensex falling by 96 points. The automotive and IT sectors are underperforming, while media and public sector banks show positive movement.
Excessive pessimism and oversold conditions led to a swift recovery of the Index, which settled at 22,082.65, down 36.65 points.
The Mid and Smallcap segments contributed to this rebound, with Media and PSU Banks performing well, while the Auto and IT sectors faced corrections. The 22,000 mark is seen as immediate support, with 22,260 as resistance. A Bullish Engulfing candlestick pattern in Mid and Smallcap segments suggests a potential trend reversal.
On March 4, the Sensex and Nifty declined due to weak global markets, foreign fund outflows, and US tariff concerns. The Sensex fell by 96.01 points (0.13%) to 72,989.93, while the Nifty dropped 36.65 points (0.17%) to 22,082.65. The Nifty Bank index rose by 130.90 points (0.27%) to 48,245.20. In the broader market, the Nifty Midcap 100 gained 0.05%, and the Nifty Smallcap 100 increased by 0.69%. However, 8 out of 19 sectoral indices closed lower, with Nifty Auto, IT, FMCG, and Pharma sectors declining over 1%. In contrast, Nifty Metal, PSU Bank, and Oil & Gas sectors saw gains. Among Sensex stocks, 12 finished in the green.
(Newsroom staff only edited this story for style from a syndicated feed)
