The Indian stock market ended in green today in a volatile session with Nifty 50 ending above 19,600 and the BSE Sensex ended up over 140 points.

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Investors got richer by Rs 1 Lakh crore after the Nifty 50 recovered nearly 200 points from lows. Nifty 50 gained 61 points to 19,632 and BSE Sensex 147 points to 65,993. Nifty Bank slipped 86 points to 44,879 while midcap index gained 138 points to 38,037.

The top stocks on the Nifty 50 were Dr Reddy, JSW Steel, Hindalco, Tata Motors and Mahindra and Mahindra while the top losers were Divis Laboratories, Apollo Hospitals, Maruti Suzuki, Bajaj Finance and Asian Paints.

Among sectors, metal index gained 2.5 percent and oil & gas index up 1 percent. The FMCG, capital goods, healthcare indices up 0.5 percent each.

Expert view

"The index has been hovering near the 20 DEMA for a couple of trading sessions now, wherein both bulls and bears are apprehensive about a conclusive move. On the technical chart, there have been no significant changes; however, this ongoing time-wise correction should be considered healthy while the market awaits some trigger as a catalyst to set up the near-term trend. As far as levels are concerned, the bearish gap of 19678-19705 withholds the immediate hurdle and a decisive breach would attract new longs in the index for the next potential resistance around 19800-19850 in the comparable period. While on the downside, the pivotal support of 19500 proved its mettle and is expected to cushion any blip in the shortcoming, followed by 19440-19380. As we advance, the RBI policy outcome followed by macro data is likely to set up the immediate tone for our market. Simultaneously, global developments need to be overseen, which may act as a catalyst. Also, sectoral rotation is quite evident for the time being, and thus, one must be very selective and focus on a pragmatic approach to outperform the market," said Osho Krishan, Sr. Analyst, Technical & Derivative Research, Angel One.

"Domestic equities reversed their losses following a recovery in the global markets after the Italian authorities clarified that the new tax could not breach 0.1 percent of a lender's total assets. Nifty traded in negative territory for the most part of the session, however, last-hour buying at lower levels helped indices to close near the day’s high with gains of 62 points at 19633 levels. Among sectors Metals, Oil & Gas, Auto, and Consumer Durables were top gainers. As expected, Indian equities are consolidating given the cautious global scenario and consistent selling by FIIs. Tomorrow, we expect the market to see some volatility as RBI will announce its policy decision outcome on the weekly F&O expiry day. Further, RBI’s commentary would be largely tracked to understand their future course of action," said Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services.

Also read: Stock Market Highlights: Sensex, Nifty 50 end near day’s high as market stages last hour recovery

First Published:Aug 9, 2023 3:42 PM IST