Ending its five-day winning run, the S&P BSE Sensex settled 33 points, or 0.05 per cent, lower at 65,446 levels on Wednesday. The Nifty50, on the other hand, ended at 19,399 level, up 10 points or 0.05 per cent, rising for a seventh consecutive session.
The gains were, however, capped by selling pressure in HDFC twins (down 3 per cent each), Eicher Motors (2.7 per cent), Tata Consumer Products, Hindalco, Bajaj Finserv, Hindalco, UPL, JSW Steel, Tata Motors, Wipro, and Axis Bank.
On the upside, Divis Labs (up 6 per cent), Bajaj Auto, HDFC Life, Hero MotoCorp, Maruti Suzuki, Tech M, IndusInd Bank, HUL, ITC, and ICICI Bank lent support.
The broader BSE MidCap and Smallcap indices, on the flipside, gained up to 0.7 per cent. M-cap of BSE listed firms hit Rs 300 trillion on Wednesday.
Among sectors, the Nifty Auto and FMCG indices advanced over 1.5 per cent each, followed by the Nifty PSU Bank index (up 1 per cent). On the downside, the Nifty Financial Services index slipped 0.8 per cent.
A long build-up was seen in BHEL, Samvardhana Motherson International and Bajaj Auto, while a short build-up was seen in Dixon Technologies, HDFC Bank and HDFC.
Among individual stocks, a volume spike of more than 300 percent was seen in Samvardhana Motherson International, Maruti Suzuki and Dixon Technologies.
Maruti Suzuki, Jindal Steel & Power, Equitas Small Finance Bank, Tech Mahindra, SJVN, Titan, IDFC, ICICI Bank, HCL Technologies, Godrej Consumer Products, RBL Bank, Poonawalla Fincorp, Ujjivan Financial Services, Britannia Industries, Muthoot Finance, Ujjivan Small Finance Bank, touched their 52-week high on the BSE.
Shrikant Chouhan, Head of Research (Retail), Kotak Securities, said: “Investors traded with caution due to absence of any cues from US markets which were shut on Tuesday. Also, the market was already in an overbought zone due to the recent upsurge and hence selective profit-taking was on the cards.”
“Technically, as long as the index is trading between 19320 -19435 the narrow range activity is likely to continue. For bulls, 19435 would be the immediate breakout level. Above which, the market could rally till 19500-19525. However, below 19320 the selling pressure is likely to accelerate and could slip till 19250-19200. Contra traders can take a long bet near 19200 with a strict 35 points stop loss,” he added.
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