The special trading session conducted on Saturday ended in negative territory. The NSE Nifty 50 lost 50.60 points or 0.23% to settle at 21,571.80 points. While S&P BSE Sensex closed 259.58 points lower or 0.36% to settle at 71,423.65 points. Bucking the trend, Nifty Bank ended higher by 357.05 points or 0.78% to settle at 46,058.20 points.
On the sectoral front, IT and FMCG stocks were key laggards.
However, the broader indices ended in positive territory, with midcap and smallcap stocks leading the gains.
The laggards include Hindustan Unilever, TCS, Mahindra & Mahindra, IndusInd Bank, and HCL Tech. The Indian Volatility Index (India VIX) closed down by 0.58%.
“The BankNifty index displayed resilience by forming a higher low on the daily chart while maintaining the immediate support zone of 45700-45600. To resume the uptrend, the index needs to overcome the immediate resistance at 46300, a breakthrough that could trigger short-covering, propelling it towards 46500/46800 levels. However, a close below the crucial support of 45600 might instigate a substantial downside correction towards 44000,” said Kunal Shah, senior technical & derivative analyst at LKP Securities.
“Amid rising optimism about AI, US markets surged over the weekend. However, domestic markets exhibited a subdued trend influenced by extended holidays, low volumes, and weekly option expiration. Profit booking was noted in IT and FMCG, while private banks witnessed selective buying post the recent sharp correction and stable Q3 earnings. Next week, the interest rate decisions of the BoJ and ECB, along with US GDP data, are anticipated to drive the market dynamics,” said Vinod Nair, head of research at Geojit Financial Services.