The Indian equity market ended in the green today after eight sessions of losses. Sensex rose on Monday amid fag end buying in the equity market. Investor wealth stood at Rs 4 lakh crore today unchanged from a valuation of Rs 4 lakh crore in the previous session. Sensex climbed 57 pts to 75,996 and Nifty rose 30 pts to 22,959, reflecting minor recovery on Dalal Street.
Top Sensex gainers were Bajaj FinServ, IndusInd Bank, PowerGrid, Adani Ports and Zomato shares rising up to 3%. As many as 69 stocks hit their 52-week highs today. On the other hand, 907 shares fell to their 52-week lows on BSE today, reflecting weak market sentiment.
Market breadth was in the red. Out of 4,221 stocks traded, 1354 stocks ended in the green on BSE. Around 2733 stocks ended in the red while 134 stocks remained unchanged.
Around 5 stocks hit their lower circuits. On the other hand, 13 shares hit their upper circuit limits amid weak sentiment on BSE.
Expert take
Rajesh Bhosale, Technical Analyst, Angel One Ltd said," Immediate resistance is placed at 23250, aligning with the 20-day EMA and the intraday high on the hourly chart, while the upper boundary of the Falling Wedge near 23400 remains a critical hurdle. Traders should closely monitor these levels and plan their trades accordingly."
Shrikant Chouhan, Head Equity Research, Kotak Securities said, "We are of the view that as long as the market is trading above 22800/75500, the pullback formation is likely to continue. On the higher side, it could move up till 23000/76200. Further upside may also continue, which could lift the market till 23075/76500. On the flip side, below 22800/75500 the sentiment could change. Below the same, the market could slip till 22725-22650/75300-75000."
Nandish Shah - Deputy Vice President, HDFC Securities said, "From a technical perspective, a short-term bottom appears to be in place for now. As long as the Nifty holds above the 22,800 level on a closing basis, bearish bets should be avoided. On the upside, the 23,235 level is likely to act as a key resistance in the near term."
Midcap, smallcap indices
BSE midcap index gained 201 pts to 39,932 but BSE small cap stock index tumbled 254 pts to 45,156 level.
Previous session
The equity market extended its losing streak for the eighth consecutive session on Friday, with the BSE Sensex falling 200 points or 0.26 per cent to 75.939. The NSE Nifty50 declined 102 points or 0.44 per cent to end at 22,929.