2 weeks ago
Sensex, Nifty extend losing streak for third session
The stock market is like a giant scoreboard that shows how well big companies are doing.
India has two famous scoreboards called the Sensex and the Nifty.
For three days in a row, both scoreboards have gone down a little bit.
On Thursday, the Sensex went down a tiny amount and the Nifty went down too.
Market experts are watching a special number, 24,325, as an important floor for the Nifty.
If the market stays above that floor, they believe it can go back up.
Some big heavyweight companies, like a cement company, were sold by investors that day.
But smaller companies actually did a little better.
The Indian rupee also became weaker against the dollar because people wanted dollars.
So overall, the market was cautious and tired, but not falling sharply.
Sensex fell 113.61 points, or 0.15%, to close at 78,079.96 on Thursday.
Nifty shed 40.10 points, or 0.16%, to settle at 24,395.85.
Experts see Nifty support at 24,325 (20-day SMA with the 38.2% Fibonacci retracement) and resistance at 24,775, then 24,900.
Broader markets were resilient: Nifty MidCap rose 0.15% and Nifty SmallCap gained 0.27%, while the Nifty Metal index fell more than 1%.
The Indian rupee depreciated steadily on strong dollar demand from importers, with USDINR support at 95.10 and resistance at 95.60.
- Who
- Indian equity investors and market participants; heavyweight stocks such as Hindalco Industries, UltraTech Cement and Grasim Industries faced selling pressure.
- What
- The Sensex and Nifty extended their losing streak for a third consecutive session, closing modestly lower after a narrow trading range.
- Where
- Mumbai, India (Indian equity markets).
- When
- Thursday, the third consecutive session of losses.
- Why
- Subdued investor sentiment, selling pressure in heavyweight stocks, and caution over energy markets, geopolitical risks and the sustainability of foreign capital inflows.
Key facts
- Sensex closing
- 78,079.96 (down 113.61 points, 0.15%)
- Nifty closing
- 24,395.85 (down 40.10 points, 0.16%)
- Consecutive losing sessions
- 3
- Nifty technical support
- 24,325 (20-day SMA + 38.2% Fibonacci retracement)
- Nifty resistance levels
- 24,775, then 24,900
- Broader market performance
- Nifty MidCap +0.15%; Nifty SmallCap +0.27%
- Top sectoral loser and gainer
- Nifty Metal fell >1%; Nifty Chemical was top gainer
- USDINR outlook
- Support at 95.10; resistance at 95.60
Quotes
Analyst
Market analyst commenting on Nifty technical outlook
“As long as the 24,325 support remains intact, the broader uptrend is likely to resume, with the index expected to retest the immediate resistance around 24,775, and a decisive move above that level could open the door for a further advance towards 24,900.”
thehansindia.com









