BT Closing Bell | Sensex settles 474 pts lower from day’s high, Nifty below 23,400; Tata Group trio lead index losers

Domestic equity benchmarks BSE Sensex and NSE Nifty opened on a positive note on Friday but erased early gains and closed in the red territory, weighed down by selling in index heavyweights. Sentiment remained subdued despite the Reserve Bank of India (RBI) kept the repo rate unchanged at 5.25%, as investors adopted a cautious stance amid lack of clarity around the US-Iran conflict

At close, the Sensex declined 116.67 points, or 0.16%, to close at 74,243.34, falling as much as 474 points from the day’s high, while the Nifty also slipped 49.85 points, or 0.21%, to settle at 23,366.70.

“Going ahead, the 23230–23200 zone will act as an immediate support area for the index. A breach below 23200 could drag the index towards the 23050 level. On the upside, the 23530–23550 zone will act as an immediate hurdle,” said Sudeep Shah, Head - Technical and Derivatives Research at SBI Securities.

“Any sustained move above 23550 could trigger fresh momentum and lead to an upside move towards the 23700 level,” Shah said.

Top gainers & losers

Among Sensex constituents, Trent led losers, falling 2.21% to Rs 2774.65. Tata Consultancy Services (TCS) followed with a 1.85% decline, while Tata Steel, NTPC, HCL Technologies and Bharti Airtel dropped 1.78%, 1.28%, 1.20% and 1.12%, respectively.  

While stocks such as Hindustan Unilever, Adani Ports and Axis Bank were among the gainers on the 30-pack index, they rose up to 2.10%.    

“Policy stability is particularly important for sectors with long investment cycles such as real estate. We expect the residential sector to continue attracting both domestic and institutional capital, supported by strong demand fundamentals, disciplined supply and improving project execution,” said Sharad Mittal, Founder & CEO Arnya Realestate Fund Advisors.

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