Indian equity markets extended their losses for another session on Thursday, September 3, with benchmark indices the BSE Sensex and NSE Nifty 50 wiping out their morning gains to close in the red as persistent tensions in the Middle East and elevated crude oil prices weighed on sentiment, offsetting gains in financial stocks.
Strong NRI deposit inflows, however, provided support to the banking sector, easing pressure on the rupee and tempering concerns over tighter domestic liquidity and interest rates.
The Nifty 50 fell 41 points, or 0.17%, to end the session at 23,873. The Sensex, meanwhile, saw a sharper decline following the closing auction session (CAS) on its weekly expiry day, tumbling 417 points, or nearly 0.6%, to close at 76,153.
Broader markets sharply outperformed the benchmarks. The Nifty Smallcap 100 jumped more than 1%, while the Nifty Midcap 100 gained 0.4%.
At the sectoral level, realty stocks outperformed, with the Nifty Realty index rising 2.58%. The Nifty IT index was among the top laggards, declining 0.85%.
Market breadth turned positive, with 2,208 stocks advancing on the NSE against 1,313 declines, while 107 stocks remained unchanged.
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Here are today’s top gainers on the Nifty
Here are today’s top gainers on the Sensex
Here are today’s top losers on the Nifty
Here are today’s top losers on the Sensex
From a technical perspective, the Nifty 50 witnessed a weak trading session, losing its initial strength around the 24,000 psychological resistance level. After failing to sustain a move above this crucial zone, the index came under selling pressure and traded largely in a narrow range around the 23,900 level for most of the session.
The index continues to trade within a descending channel, keeping the broader technical structure weak and indicating that selling pressure remains dominant at higher levels.
“On the upside, the 24,000 psychological mark remains the crucial resistance zone,” said Ponmudi R, CEO of Enrich Money.
“On the downside, the 23,800 zone remains the immediate and crucial support level. The index has so far managed to hold above this region, but a decisive break below 23,800 could intensify selling pressure and drag Nifty towards the 23,600 level.
“Momentum indicators remain weak. The RSI has slipped to around 37, remaining below the 50 mark and indicating a bearish momentum backdrop, although it is approaching oversold territory. The MACD remains in negative territory, with the histogram also indicating continued weakness, suggesting that downside momentum remains prevalent,” he added.
