Stock Market Overview
Indian equity indices experienced a lackluster trading session on October 1, closing mostly flat after a day of volatility. The Sensex ended at 84,266.29, reflecting a decline of 33.49 points or 0.04 percent. Similarly, the Nifty closed at 25,796.90, down 13.90 points or 0.05 percent. The session saw about 2,210 shares appreciating, while 1,587 shares declined and 90 shares remained unchanged.
Market Movers
The top performers on the Nifty included Tech Mahindra, M&M, Britannia Industries, Adani Enterprises, and Infosys. In contrast, IndusInd Bank, ONGC, Asian Paints, Bajaj Auto, and Titan emerged as the biggest losers. Sector-wise, noticeable gains were recorded in media, automotive, and IT sectors, while declines were observed in Telecom, Power, FMCG, Oil & Gas, and Realty. Notably, the BSE Midcap index saw a rise of 0.3 percent, and the Smallcap index rose by 0.5 percent.
Expectations for October 3
According to Aditya Gaggar, Director at Progressive Shares, the Indian stock markets began with a robust opening but failed to maintain upward momentum, ultimately retracting gains as the session progressed. The market continued to oscillate within a confined range, resulting in a modest decline of 13.95 points at the Nifty’s close of 25,796.90.
Sectoral performance highlighted gains in Media and IT, while the Energy sector faced the most significant downturn. Midcap and Smallcap indices outperformed the broader markets, reflecting gains of 0.34 percent and 0.79 percent, respectively. Following a substantial bearish candle, the Nifty formed a Doji candlestick pattern, indicating uncertainty in market direction.
Technical Analysis Insights
Market analysts highlight critical resistance and support levels for the Nifty moving forward. Rupak De of LKP Securities mentioned that the formation of a Doji with a long upper shadow reflects market indecision. Notably, heavy call writing around 25,800 suggests this could serve as a formidable resistance point. Immediate support is observed at 25,750, and a drop below this level could potentially lead the index down to 25,600 or even 25,500.
If the Nifty manages to breach the 25,800 resistance, it could rally towards 26,050. However, sellers may resurface around this threshold, posing challenges for further advances.
Market Summary Table
| Index | Closing Value | Change (Points) | Change (%) |
|---|---|---|---|
| Sensex | 84,266.29 | -33.49 | -0.04% |
| Nifty | 25,796.90 | -13.90 | -0.05% |
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