Indian equity markets ended lower on Wednesday, August 26, giving up early gains as sectoral divergence weighed on the benchmarks through the session.
The NSE Nifty50 settled at 24,207.75, down 126.80 points, or 0.52%, while the Sensex finished 183.15 points, or 0.24%, lower at 77,472.94.
Broader markets ended mixed, with the Nifty Smallcap 100 rising 0.8%, while the Nifty Midcap index slipped into the red.
Among sectors, the Nifty Realty and Nifty Consumer Durables indices fell around 1% each, while Nifty Metal and Nifty Private Bank indices gained more than 1% each.
Despite the weakness in the benchmarks, overall market breadth favoured the bulls. On the NSE, 1,967 stocks advanced against 1,548 declines, while 130 stocks remained unchanged.
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 Nift
Here are today’s top losers on the Sensex
Nifty formed a Dark Cloud Cover pattern on the daily timeframe, raising the possibility of a bearish move in the coming days. However, the broader trend remains positive as the index continues to trade within a rising channel. Today, the index found support just above the 50 EMA.
Overall, range-bound trading continues, with sellers emerging at higher levels, said Rupak De, Senior Technical Analyst at LKP Securities. The RSI has once again entered a bearish crossover.
“A fall below 24,130 could trigger a serious correction, potentially dragging Nifty towards 23,900 and 23,700. On the higher end, a rock-solid resistance is placed at 24,350. Only a sustained move above 24,350 could change the current perception; until then, choppiness is likely to prevail," De said.
