Benchmark indices NSE Nifty 50 and BSE Sensex remained under pressure today and finally ended in the red. The NSE Nifty 50 tumbled 104.75 points or 0.57% to 18,181.75 and BSE Sensex tanked 371.83 points or 0.60% to 61,560.64. In sectoral indices, Bank Nifty fell 205 points or 0.47% to 43,698.70, Nifty IT tanked 273.05 points or 0.97% to 27,942.95 and Nifty Realty plunged 6.30 points or 1.33% to 465.80. The top gainers on the Nifty 50 were Hero Motocorp, ITC, IndusInd Bank, UPL and Bharti Airtel while the losers were Kotak Bank, Apollo Hospital, SBI Life, TCS and HCL Tech.
“In response to weak global sentiments, domestic investors remained cautious as the US market grappled with recession concerns led by recent economic data indicating slowdown. The US retail sales figures for April reflected a decrease in demand, and ongoing debt ceiling negotiations further dampened market sentiment,” said Vinod Nair, Head of Research at Geojit Financial Services.
Bank Nifty expected to trade in 43500-44100 range
“Bank Nifty witnessed fall for the second consecutive day. Bank Nifty has reversed after attempting the fresh lifetime high level of 44150 but has managed to close above its 10DEMA of 43500. The index is expected to witness incremental pressure once it closes below this level. Till then Bank Nifty is expected to trade in the 43500-44100 range,” said Gaurav Bissa, VP, InCred Equities.