The Indian stock market snapped a two day gaining streak and ended with minor cuts on Tuesday, dragged by Reliance, M&M and Power Grid. The headline indices underperformed the broader markets. BSE Sensex fell 84 points to 65,847, while the Nifty 50 fell 26 points to hit 19,571. Nifty Bank, on the other hand, posted a 127 points increase, while the Midcap index, which hit a record high earlier in the session, rose 88 points.

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SBI Life, Hero MotoCorp, Cipla and Tech Mahindra were among the top Nifty 50 gainer, while, on the other hand, Adani Enterprises, Hindalco, M&M, Divi's Lab and JSW Steel were the top index losers.

Among Nifty sectors, auto, FMCG, metal, realty, healthcare and oil and gas ended in the red, while all other sectors gained. Nifty PSU Bank index ended 3.37 percent higher.

Expert View

"The Nifty index displayed volatility but managed to close above the significant 21EMA moving average and maintained support above 19,500 points. A positive trend is anticipated as long as the index holds above 19,500, with resistance at 19,700 and potential for a rally towards 20,000,: said Rupak De, Senior Technical analyst at LKP Securities.

"The Bank Nifty index is currently experiencing a struggle between the bulls and bears, resulting in a consolidation phase. There is a visible support level at 44,800, and if the index breaks below this level, it could trigger further downside movements towards 44,600. On the upside, a resistance level is apparent at 45,150. If the index successfully breaks above this resistance level, it may pave the way for a clearer upward move towards levels around 45,400-45,500," said Kunal Shah, Senior Technical & Derivative analyst at LKP Securities.

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First Published:Aug 8, 2023 3:54 PM IST