The Indian benchmark indices, after enjoying a three-day winning streak, experienced a reversal on April 2, closing marginally lower.
Specifically, the Sensex, the barometer for the Bombay Stock Exchange (BSE), concluded the day down by 110.64 points, representing a decrease of 0.15 percent, settling at 73,903.91.
Similarly, the Nifty, reflecting the performance of the National Stock Exchange (NSE), dipped by 8.70 points, or 0.04 percent, to reach 22,453.30 by the end of trading hours.
Market Movement Throughout the Day:
Despite a sluggish start, characterized by initial downward movement, the market displayed resilience by clawing back from early losses as the session progressed.
However, the overall sentiment remained somewhat bearish, with the market predominantly staying in negative territory throughout the trading session.
A noteworthy turnaround occurred during the final hour of trading, fueled by a surge in buying activity, which helped mitigate a significant portion of the day's losses.
Top Nifty Losers and Gainers:
Among the prominent losers on the Nifty were major players like Hero MotoCorp, HCL Technologies, Kotak Mahindra Bank, ICICI Bank, and SBI Life Insurance.
Conversely, the Nifty also witnessed notable gainers, including Tata Consumers Products, Mahindra & Mahindra (M&M), Bharat Petroleum Corporation Limited (BPCL), Bajaj Auto, and Adani Ports.
Sector Performance:
Several sectors exhibited divergent performances during the trading session.
Sectors such as realty, metal, oil & gas, media, power, and auto emerged as the frontrunners, recording gains ranging from 1 to 2 percent.
On the flip side, sectors like information technology and telecom faced headwinds, witnessing a decline of 0.5 percent each, contributing to the overall subdued market sentiment.
Bank Nifty Analysis:
Bank Nifty, the sectoral index comprising banking stocks, depicted a consolidation phase subsequent to breaking out of its previous trading range on the upside.
Analysts anticipate a potential resumption of the upward trajectory, with the index poised to target levels between 47,850 to 48,000 in the short term.
This bullish outlook suggests that any minor degree pullbacks observed in the Bank Nifty should be perceived as strategic buying opportunities by investors looking to capitalize on the anticipated uptrend.
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