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Key indices suffered significant losses on Friday led by mounting concerns over lofty valuation amid unimpressive March quarter earnings. Moreover, mixed global cues amid lingering concerns over global economic uncertainty, geopolitical tensions and higher interest rates weighed on sentiment.
In the January-March 2024 quarter, the US economy expanded at its slowest pace in two years. The US gross domestic product (GDP) rose by 1.6 per cent between January and March, falling short of the expected 2.4 per cent increase projected by Wall Street. Notably, the US economy grew at an annual rate of 3.4 per cent at the end of 2023. The fresh data has shown a remarkable slowdown in the world’s largest economy.
Growth losing steam amid sticky inflation casts more uncertainty on the short-term interest rate trajectory.
Sensex opened at 74,509.31 against its previous close of 74,339.44 and touched its intraday high and low of 74,515.91 and 73,616.65 respectively. The 30-share pack closed with a loss of 609 points, or 0.82 per cent, at 73,730.16 with 24 stocks in the red.
Shares of Bajaj Finance, Bajaj Finserv, IndusInd Bank, Nestle and Kotak Mahindra Bank ended as the top losers in the Sensex index, falling 2-8 per cent.
The Nifty 50 opened at 22,620.40 against its previous close of 22,570.35 and touched its intraday high and low of 22,620.40 and 22,385.55 respectively. The index closed 150 points, or 0.67 per cent, lower at 22,419.95.
Despite the benchmark indices experiencing notable losses, the mid and smallcap indices showcased their strength by hitting fresh record highs and closing with healthy gains.
The BSE Midcap index closed 0.83 per cent higher at 41,587.77 after hitting its fresh record high of 41,628.75 during the session.
The BSE Smallcap index settled with a mild gain of 0.27 per cent at 47,239.29 after scaling its fresh peak of 47435.39.
Top Nifty 50 gainers today
Some 17 stocks closed with gains in the Nifty 50 index today among which Tech Mahindra (up 7.55 per cent), Divi’s Labs (up 4.97 per cent) and LTIMindtree (up 3.42 per cent) closed as the top gainers.
Top Nifty 50 losers today
Shares of Bajaj Finance (down 7.73 per cent), Bajaj Finserv (down 3.66 per cent) and IndusInd Bank (down 3.08 per cent) ended as the top losers in the Nifty index.
Also Read: Top Gainers and Losers today on 26 April, 2024: Tech Mahindra, Divis Laboratories, Bajaj Finance, Bajaj Finserv among most active stocks; Check full list here
Sectoral indices today
Nifty Consumer Durables (up 1.72 per cent) and Media (up 1.18 per cent) closed with significant gains while Nifty Bank (down 0.61 per cent), Financial Services (down 0.89 per cent), Private Bank (down 0.45 per cent) and PSU Bank (down 0.31 per cent) ended among losers.
Expert view on markets
“The unexpected surge of the US core PCE price index, accompanied by weaker-than-forecasted GDP growth and Treasury yield spikes, impacted market sentiments. Investors are concerned about the possibility of a looming recession in the US. Indian market lagged behind its Asian and European peers due to worries over lofty valuations and lacklustre Q4 earnings, fuelling expectations of downward revisions for FY25 earnings,” said Vinod Nair, Head of Research, Geojit Financial Services.
Technical views on Nifty 50
“The Nifty faced selling pressure at the resistance zone of 22,560 – 22,625. Until this zone is not taken out decisively, we can expect the consolidation to continue. On the downside, crucial support is now placed at 22,240 – 22,200. Support is placed from 21,777 to 22,626 in the form of the 40-day moving average and the 50 per cent Fibonacci retracement level of the rise,” said Jatin Gedia, Technical Research Analyst at Sharekhan by BNP Paribas.
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Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.
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Published: 26 Apr 2024, 03:31 PM IST
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