Market Close: Sensex snaps 2-day winning streak, down 876 pts; Nifty at 22,889 as IT, pvt banks drag

Stock Market LIVE: Nifty formed a long bearish candlestick as selling pressure emerged near the 38.2 per cent Fibonacci retracement level at 23,186, measured from the August 3 high to the October 8 low. The index also breached the crucial 23,000 support, indicating continued weakness. Immediate support is placed at 22,800–22,820, near its daily 20-SMA. A break below 22,650–22,700 could further intensify selling pressure. Index traders should remain cautious, keeping 22,800 as key support and 23,000–23,186 as resistance. Long positions built during the mean-reversion rally should be reviewed, with a break below 22,600 levels.

 

View by: Vatsal Bhuva, technical analyst at LKP Securities

 

Stock Market LIVE: Indian equities came under renewed selling pressure, reversing the recent recovery as weak global cues and selling in private banks and IT stocks weighed on investor sentiment. Global markets remained cautious ahead of a busy week of corporate earnings. Private banks remained under pressure following quarterly earnings and concerns over margin trends, while PSU banks bucked the broader weakness, supported by expectations of relatively resilient margins and asset quality. Crude oil prices eased after the US waived key sanctions linked to Russia, raising expectations of increased Russian fuel supplies to the global market. However, crude prices remained elevated, with geopolitical tensions continuing to influence the outlook. The Nifty slipped below the psychologically important 23,000 level, while broader market breadth remained weak, reflecting cautious investor sentiment amid earnings-related volatility and uncertain global cues.

 

View by: Vinod Nair, head of research, Geojit Investments 

 

Stock Market LIVE: The broader market indices mirrored the benchmark to close sharply lower. The Nifty Midcap 100 and Nifty Smallcap 100 cracked more than 1 per cent each. 

 

Stock Market LIVE: On the sectoral front, the Nifty PSU Bank index defied the market selling to rise 2.4 per cent. The Nifty private Bank index cracked 1.85 per cent, followed by Nifty FMCG (down 1.44 per cent) and Nifty IT (down 1.28 per cent). 

 

Stock Market LIVE: From the Sensex pack, SBI and Adani Ports emerged as the top gainers, up more than 1 per cent each. L&T, IndiGo and Maruti were other gainers. Axis Bank, UltraTech Cement, Infosys, Bajaj Finance and Trent were the top losers. 

 

Stock Market LIVE: The Nifty 50 index snapped its two days of winning streak to end 257.20 points, or 1.11 per cent lower at 22,888.95. 

 

Stock Market LIVE: The benchmark Sensex index ended sharply lower on Monday due to heavy selling in heavyweight private banks, among other factor. The index lost 876.37 points, 1.17 per cent to end at 73,852.